Vinci and Mitsubishi to build $81 million Egyptian LNG tanks

Published October 25th, 2002 - 02:00 GMT

France’s Vinci Construction Grands Projets and Japan's Mitsubishi Heavy Industries (MHI) have signed a €70.3 million ($81 million) contract with Bechtel to build two liquefied natural gas (LNG) tanks in Idku, Egypt. Work will start immediately and should be completed by June 2005. 

 

LNG is non-polluting source of energy with reserves exceeding those of oil. The tanks will have a storage capacity of 140,000 kiloliters each. The civil engineering part of the contract, to be built by Vinci is valued at €28 million.  

 

Vinci Construction Grands Projets has been operating in the LNG tank market for over 20 years and has built tanks in France, Qatar and Nigeria. In 2001, Vinci generated net sales of €595.4 million and a net income of €23 million. — (menareport.com)  

 

 

 

© 2002 Mena Report (www.menareport.com)


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