Sinopec Partners with ConocoPhillips, DAQO names New Director: Energy Business Update

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On Wednesday, FMC Technologies (NYSE:FTI) reached an accord with Statoil (NYSE:STO) to provide 10 production risers and tieback connectors for the Snorre field, in an order that has an estimated value of $33 million in revenue. The equipment should be delivered in 2015. Tore Halvorsen, FMC Technologies’ Senior Vice President, Subsea Technologies, said that “FMC Technologies has been providing subsea equipment for the Snorre development for more than 20 years. We are pleased to continue to provide equipment and systems that help Statoil with their ongoing development of this field.”

China’s Sinopec Group announced on Tuesday that it will jointly evaluate shale gas development with ConocoPhillips (NYSE:COP) in the onshore Sichuan Basin during the next two years. The Sinopec Exploration Southern Company will conduct research in regards to exploration, development and the output of shale gas with ConocoPhillips China in the Qijiang block, which is thought to contain very large amounts of deeply embedded shale gas. For its part, the latter will carry out two-dimensional seismic surveys and also drill two wells in a 1,513 square mile section on the block.

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KBR (NYSE:KBR) and AYTB have signed a seven-year contract through which to supply refinery maintenance services for the Saudi Aramco Total Refining and Petrochemical Company at a new 400,000-barrels-per-day refinery in Jubail. The refinery marks not only a major investment by the firm, but also a single construction effort that is a unique technical challenge, because of its world-class scale and complexity. The value of the contract is roughly between $140 million and $170 million, depending on the services, with production is expected to start next year.

DAQO NewEnergy Corp. (NYSE:DQ) has chosen Arthur Wong as an independent director, effective December 24th. In addition, Wong will serve as the chair for the firm’s Audit Committee, and a member of the Compensation and Corporate Governance and Nominating Committees. Until the 24th, Wong was an independent director for VisionChina Media Inc. and China Automotive Systems. DAQO is a leading polysilicon maker, based in China.

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