Toyo awarded project in Venezuela

[Warren Stupidity]

Source: construction press service

Toyo awarded project in Venezuela

Toyo Engineering Corporation, MAN Ferrostaal A.G. and a consortium formed by two Venezuelan engineering contractors - VEC Ingeniería y Construcción have jointly been awarded a contract from Petroquímica de Venezuela, S.A. for a large scale fertilizer project in Venezuela.

Scope of work under the contract includes grant of license, engineering, procurement of equipment and materials, construction and commissioning assistance on a lump sum turnkey basis. The project is scheduled to be completed in the second quarter of 2010.

The project site is adjacent to the existing Moron Petrochemical Complex of Petroquímica de Venezuela in Moron, Carabobo State, Central Region of Venezuela, which is approximately 150 km west of Caracas.

Read more: http://home.nestor.minsk.by/build/news/2007/06/2205.html

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Foreign investors are fleeing the horrors of democratic socialism!

[Chemical Bill]

1. Is that the Toyo tires people?

I will buy their tires with pride, knowing that they support the freely elected government of Venezuela.

Bill

[Warren Stupidity]

2. Surely it is the same huge Japanese company.

http://www.toyo-eng.co.jp/e/

[Joe Chi Minh]

3. You can't have a "hole in the corner" company for a project like that.

[northzax]

6. nope

Toyo Tire and Rubber is a member of the Sanwa Keiretsu and Toyo Engineering does not appear to be affiliated with any Keiretsu (although the similar Toyo Engineering Works (a factory design firm) is a member of the Mitsubishi Keiretsu.

[Judi Lynn]

4. Oh, yeah! Justd as a couple of visiting posters here have foretold!

Just falling apart at the seams, aren't they? These posters claim its because he hasn't diversified his ecomony.

(They don't explain what was going on there prior to Chavez.)

Well, this only proves them right, doesn't it? :eyes: We should have appreciated their omniscience.

[northzax]

5. it's a turnkey project

what they aren't getting is partnerships. Toyo isn't investing anything, they have a contract to build a facility, start it up, and turn it over to the State-owned firm that commissioned it. This isn't investment, anymore than hiring a contractor to rebuild your bathroom gives him an investment in your house. this is lump sum construction project.

This is, by the way, the Japanese Toyo Engineering, not the Indian (Toyo Engineering India, Ltd.) or the Korean ToYo Engineering. it's a bit confusing because both Toyo (Japan) and TEIL work in the petrochemical world.

in other news. $1.5 billion is a lot of money for a fertilizer plant. a similar plant, with similar output (1800 tons of ammonia and 2200 tons of urea/day) was just completed in Egypt for $500 million and another in Morocco for $200 million. Why do you figure a 300% premium is in order?