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Johannesburg - Thursday May 23, 2002
Construction group, Aveng Limited has announced that its Australian company,
McConnell Dowell Corporation Limited has been awarded new contracts with a value
of approximately A$145-million (R580-million). Aveng holds an interest of 63% in
the Australian and New Zealand listed construction group.
It was announced in Melbourne yesterday that McConnell Dowell in a joint venture
with Saipem Limited has been awarded the engineering, procurement and
construction (EPC) contract by BHP Petroleum for the Minerva Gas Field
Development's gas plant, offshore and onshore pipeline works.
The Minerva gas field development is located approximately 10 km offshore from
Port Campbell in the Otway Basin in Victoria in approximately 60 metres water
depth.
The scope of works under contract to the McConnell Dowell Constructors (Aust) Pty
Ltd/Saipem Limited joint venture includes an offshore gas processing plant for the
process and export of sales gas and for recovery, stabilisation and export of
condensate; and a single high pressure gas production flowline, dual chemical
injection lines, and hydraulic control lines between the subsea wells and the gas plant
facilities including subterranean shore crossing by horizontal directional drilling.
McConnell Dowell is responsible for all onshore works representing approximately
55% of the contract value.
Design work will commence immediately with construction on-site expected to start
later in the year. The plant is due to be fully commissioned by February 2004.
McConnell Dowell is an Australian based construction company, offering specialist
building, heavy civil, mechanical, electrical and instrumentation and pipeline
engineering and construction services to a geographically diverse selection of quality
clients.
ends
Please note:
Aveng Limited is a South African based group. It was listed on the JSE Securities
Exchange SA in July 1999 with the stated objective of becoming a globally
competitive construction-related group focused principally on the developing world.
Its major businesses are
Construction :
Grinaker-LTA (100% held) is South Africa's largest construction company with
particular expertise in providing construction services to the mining industry. Its
operations extend throughout Africa and into the Middle East.
McConnell Dowell (63% interest) is listed on the Australian and New Zealand stock
exchanges and provides specialised construction services to the energy sector.
Its operations extend throughout Australia/New Zealand and into South East Asia.
Steel and Allied :
A cluster of steel centres and light manufacturing businesses which together make
Aveng South Africa's largest domestic steel beneficiator/merchant. The two largest
businesses are Trident Steel and Amalgamated Steele, both of which are 100% held.
Activity is strategically balanced around servicing the construction, manufacturing
and automotive sectors.
Cement :
Alpha is South Africa's second largest cement producer and its largest concrete
manufacturer and aggregate producer. Aveng holds 46% of Alpha and the Swiss
group Holcim, one of the world's leading suppliers of cement, aggregates and
concrete, holds 54%.
Operations extend into southern Africa where Alpha operates a number of cement
terminals. It has a controlling interest in Tanzania's largest cement manufacturer.
Aveng's objectives are to achieve
PE rating in the top three of the BCE sector
Long-term real ROE of 10%
Minimum 25% of earnings in hard currencies
Visit our website - www.aveng.co.za
ends
ISSUED BY: PENELOPE GRACIE INVESTOR RELATIONS
ON BEHALF OF: AVENG LIMITED
FURTHER INFORMATION: PENELOPE GRACIE
CONTACT: OFFICE +27 (11) 447-3301
MOBILE 082-55-77-444
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