Sinopec LPEC Selects Coreworx Project Execution Solutions for $9 Billion Joint Venture between Kuwait and Sinopec
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Press release date: November 12, 2012
KITCHENER, Ontario - Coreworx has been selected by Sinopec, Asia's largest oil refiner, as the project execution solution for the joint venture with Kuwait Petroleum Corporation (KPC) in the province of Guangdong, China.
The $9 billion project, being constructed by Lyoyang Petrochemical Engineering Company Corporation (LPEC), an EPC contractor for Sinopec and technology licensor for Chinese energy and petrochemical industries, includes a 300,000-barrel-per-day refinery and a 1-million-ton-per-year ethylene cracking unit. The facilities are expected to come online in 2015.
After having LPEC conduct a thorough analysis of Coreworx's project execution solutions, Sinopec selected Coreworx project execution suite to manage project information and business processes from FEED to operation of their joint venture project. Coreworx enables Sinopec to better manage the vast array of project information generated in a large complex project of this nature and enhance collaboration and exchange of information between stakeholders.
Ray Simonson, Coreworx CEO, says, "We are delighted that Sinopec has selected the Coreworx project execution suite for this very significant project after a very thorough evaluation. I look forward to seeing the progression of this relationship, especially as Sinopec integrates their best practices for project execution through the use of Coreworx."
China Petro Chemical Corporation (Sinopec Group) is a state-owned petroleum and petrochemical enterprise group headquartered in Beijing, China. Ranked 5th on Fortune Global 500, Sinopec's strong oil & petrochemical core businesses includes integrated upstream, midstream and downstream operations. Under the Sinopec Group, LPEC performs as an EPC contractor and a technology licensor in China's energy and petrochemical industries with a focus on project engineering, EPC project contracting, R&D of petroleum refining processes and equipment and license provision. LPEC has a proven track record of successfully engineering and executing over 1000 large and medium-size projects over the past 50 years, accounting for over 50% of engineering market in China. LPEC/Sinopec is funded by the State and publicly traded on Hong Kong, New York and London's Stock Exchanges and domestically. For more information visit http://www.sinopecgroup.com/
Coreworx Inc. provides integrated project information and cost control solutions for large capital projects in the oil & gas, power and mining sectors. The Coreworx solution is a proven enterprise project management solution that enables owners, engineering and construction contractors to automate best practices, mitigate business risks and improve performance to budget throughout the entire project lifecycle. Coreworx services a portfolio of projects valued at over $500 billion across more than 50 countries, on more than 600 capital projects with nearly 70,000 users. Coreworx has offices in Kitchener, Calgary, Houston, Perth and Aberdeen.
For more information, visit www.coreworx.com
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