Jung Jun-ho • 2022.03.08 09:10
(From the left) Hyundai Engineering Managing Director Koh Yoo-seok, Encina Development CEO David Stewart Roesser, Hyundai Engineering Vice President Hong Hyun-seong, Hyundai Engineering Houston Sales Office Manager Brian Richard Smith, IMM Investment CEO Jang Dong-woo, and IMM Investment Global CEO Lee Young-joon pose for a photo shoot after signing the contract. / Courtesy of Hyundai Engineering.
Hyundai Engineering announced on March 6 that it had signed a basic design (FEED) service contract for a petrochemical production facility using waste plastics ordered by Encina Development Group of the United States.
This project is an eco-friendly project to construct facilities that convert 150,000 tons of benzene, toluene and other petrochemical products used in the production of pharmaceuticals, synthetic resins, and packaging materials in Northumberland, Pennsylvania, USA by chemically regenerating 450,000 tons of waste plastic annually.
Hyundai Engineering performs this Front End Engineering Design (FEED) service contract in the Open Book Cost Estimation (OBCE) method.
The OBCE method performs basic design and transparently shares details of EPC construction estimates with the client.
This basic design service contract is concluded in connection with the EPC construction contract, so Hyundai Engineering is expected to be able to carry out the main construction to be ordered in the future.
The US Encina Development Group, the client, is a company with core technology for recycling waste plastics, and plans to follow-up with chemical plant construction projects related to waste plastic treatment in the US, South America, and Southeast Asia.
Hyundai Engineering plans to lay the foundation for additional orders by carrying out this project.
Meanwhile, in May of last year, Hyundai Engineering won a FEED contract for an “UrbanX Renewable Diesel Refinery” ordered by UrbanX, an eco-friendly renewable fuel startup in the US.
This project is to build an oil refinery that produces eco-friendly renewable diesel using waste cooking oil and waste animal fat as raw materials.
In the era of carbon neutrality, Hyundai Engineering discovers companies with core technologies related to renewable energy and eco-friendliness, and promotes various eco-friendly projects based on their technologies and Hyundai Engineering’s plant technology.
“Encina Development determined that Hyundai Engineering, which possesses world-class plant design and construction technology, is most suitable to perform basic design (FEED) services for this project,” said David Roesser, CEO of Encina Development. “We will supply better quality renewable petrochemical products to our customers through close collaboration with Hyundai Engineering.”
SOURCE ARTICLE: http://www.koreaittimes.com/news/articleView.html?idxno=111615