PEC Clinches $160.5m European Contract.
PEC Ltd. announced that Verwater-Audex B.V., a 50-50 joint venture company between its subsidiary Audex Pte Ltd and Verwater B.V., has won a $160.5m contract to build a 465,000 m3 tank terminal in the strategically located port of Rotterdam (Netherlands).
Verwater-Audex will provide engineering, procurement and construction (EPC) services to build the tank terminal for Euro Tank Terminal B.V. (ETT). The project is slated for completion by 2012 and will boast state-of-the-art facilities. ETT is wholly owned by Vitol Tank Terminal International (VTTI) which owns and operates terminals and pipelines around the world. VTTI is a wholly owned affiliate of the Vitol Group, a provider of trading and marketing services across the oil and energy sector.