Work on major project begins in Venezuela

07.03.2008 -

On March 7, MAN Construcciones y Montajes, a subsidiary of MAN Ferrostaal in Venezuela, laid the cornerstone for the construction of a new fertilizer complex in Morón, Venezuela. The company won the mandate for this project in 2007 and it involves a volume of nearly $500 million. The MAN Ferrostaal Group is responsible for all aspects of construction of the ammonia plant.

The ammonia plant is part of a complex of plants which also includes a downstream urea plant and secondary installations. These are being supplied by Toyo Engineering Corporation of Japan and VEC, a joint venture of Venezuelan companies. Scheduled for completion in early 2011, the overall complex will replace an older fertilizer factory operated by Petroquímica de Venezuela (PEQUIVEN), a state-run company. The entire volume of the investment is more than $1 billion. Expected daily production capacity is 1,800 tons of ammonia and 2,200 tons of urea.

Its involvement in the construction of various ammonia plants in Trinidad has given MAN Ferrostaal experience in this area. A similar ammonia plant forms part of a petrochemical complex the company is currently building in Trinidad and will be one of the largest of its type in the world. Ammonia-derivative-based fertilizers will be produced here, too.

The Venezuelan government plans to expand the petrochemicals industry in the course of the coming five years, increasing sales in this sector to $100 billion annually. By 2013, this branch of industry is expected to provide 700,000 jobs. By enhancing its capacities in the fertilizer area, Venezuela is strengthening its own agricultural sector while reducing dependence on imported fertilizers.

About MAN Ferrostaal AG:

MAN Ferrostaal is a worldwide supplier of industrial services for the construction of large-scale industrial plants and machine supply. As a general contractor for plant construction, the company offers project development, project management and financing solutions for turnkey plants in the areas of solar thermal power plants as well as biofuels, petrochemical and industrial plants. In ccoperation with manufacturers of machines and production lines, MAN Ferrostaal offers sales and services in the areas of automotive industries, print and packaging, piping, ships and transport solutions. With 4,200 employees MAN Ferrostaal is represented in more than 60 countries. The company achieved a turnover of EUR 1.4 billion in 2007.

MAN Ferrostaal is a subsidiary of MAN Aktiengesellschaft, Munich. The MAN Group is one of Europe’s leading manufacturers of engineering equipment and vehicles, generating annual sales of around EUR 16 billion. MAN supplies products, systems and services to the capital goods industry and employs approx. 55,000 people worldwide. The core areas operated by the MAN Group, Commercial Vehicles, Industrial Services, Diesel Engines and Turbomachines, all hold leading positions in their markets. MAN is a member of the DAX German Share Index, Germany’s top 30 public limited companies.