KBC Advanced Technologies has signed a new contract with Ecuador's integrated state national oil company EP Petroecuador for the supply of a Best Practices Plan for the Technical and Operating Sector of the Esmeraldas Refinery in Ecuador over a period of four years.
The programme of support aims to improve performance of EP Petroecuador's 110,000 barrels per day refinery, with a focus on margin improvement and the capability of the workforce.
As part of the contract, EP Petroecuador will take a five year licence for KBC Advanced Technologies' process and energy modelling software tools, including the full Petro-SIM suite, to optimise the operation of the refinery.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
KBC Advanced Technologies will work with EP Petroecuador, both directly and through a major subcontractor, to improve its core work processes and support systems, as well as develop the technical capability of the workforce.
Ian Godden, Chairman of KBC Advanced Technologies, said: "We are honoured to be working in partnership with EP Petroecuador in its mission to achieve best practice in its operations. This is a major new client for us which expands our footprint in the South American region - an important growth market for us. The award of this contract significantly improves our work backlog into 2013 and beyond and validates KBC's technology and service offering, which provides an integrated solution to our oil and gas clients worldwide."
KBC Advanced Technologies' share price was up 19.76% to 50p at 08:40 on Wednesday morning.
Nikkei 225 reaches record high: should you invest in Japan?
Japanese equities have soared to an all-time high. But do they still offer good value and should you invest?
By Katie Williams Published
The Co-op unveils new 7% regular saver- is it the best on the market?
The Co-operative Bank has launched a new best buy regular saver offering 7%. Is it the top deal and how does it work?
By Vaishali Varu Published