Wison Engineering Won a Procurement and Construction Contract for a MTO plant from Yangmei Hengtong

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Wison Engineering Won a Procurement and Construction Contract for a MTO plant from Yangmei Hengtong

Jun 25,2013        

SHANGHAI, 25 June 2013 – Wison Engineering Services Co. Ltd. (“Wison Engineering” or the "Company”, SEHK stock code: 2236), the largest private sector chemical engineering, procurement and construction management (“EPC”) service provider in China, today announced that Wison Engineering Ltd., an indirect non-wholly owned subsidiary of the Company, was awarded a procurement and construction contract by Shandong Yangmei Hengtong Chemicals Company Limited (“Yangmei Hengtong") for a 300kta methanol-to-olefin(MTO) plant (the "Yangmei Hengtong Project”).

Pursuant to this Contract, Wison Engineering Ltd. will be responsible for the procurement of equipment and materials, construction and project management for the Yangmei Hengtong Project. Wison Engineering will also participate in the trial run and examination at different stages and be responsible for the quality assurance during its quality assurance period. The Yangmei Hengtong Project is expected to commence in the second quarter of 2013 and is slated for completion at the end of 2014. After the commencement of operations, the plant will provide high-quality ethylene and propylene for Yangmei Hengtong’s downstream deep processing projects– the 300kta PVC Feedstock Process Modification and 200kta Propylene Oxide from Hydrogen Peroxide Clean Production Project.

In August, 2012, both parties signed a contract involving the engineering design of the Yangmei Hengtong Project. Along with this contract, a license agreement was also reached for the provision of Wison Engineering’s patented technology and relevant technical services as well as the process design package in respect of the olefin separation unit. According to the contract, Wison Engineering provided its proprietary olefin separation technology and undertook the basic and detailed engineering design of the Yangmei Hengtong Project. The work is going on schedule and the detailed design will be completed by the end of October. Wison Engineering's olefin separation technology offers many advantages, including low power consumption, affordable capital investment, stable operation, and a long operating cycle. Currently, five MTO plants under construction in China apply this patented technology.

"One of Wison Engineering’s key development strategies is to step up efforts in research and development so that our business will be further driven by technological innovation. We believe that our comprehensive strengths in project management will continue to be reinforced through the enhancement of our R&D and engineering capabilities, which will enable us to provide more valuable one-stop services for our customers,” said Mr Liu Haijun, Senior Vice President of Wison Engineering. “As a key project for Yangmei Hengtong, the Yangmei Hengtong Project is its strategic industrial upgrading and raw material optimization initiative. We will fully capitalize the Company’s optimal resources and strive to complete the project as a benchmark for MTO projects in China.”

Wison Engineering is committed to R&D and technological innovation, and has jointly or independently developed various coal-to-chemical technologies and clean coal utilization technologies, including a new hybrid gasification technology to convert coal to syngas jointly developed with Shell Global Solutions, coal-to-ethylene glycol technologies through cooperation with Tianjin University, as well as proprietary butadiene technology, integrated energy-saving technology for the coal-to-methanol process and MTO light olefins separation technologies.

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