Tri-Tech Holding Wins $8.3 Million Contract for a Seawater Desalination Unit in Middle East
Beijing, China – December 6, 2011 – Tri-Tech Holding Inc. (Nasdaq: TRIT), which provides turn-key water resources management, water and wastewater treatment, industrial safety and pollution control solutions, announced today that its subsidiary, Tri-Tech Infrastructure LLC (Tri-Tech U.S.), was awarded a contract to provide a seawater desalination unit for the Utility Plant of Qatar Petrochemical Co. Ltd. (QAPCO) at Mesaieed Industrial City in Doha, Qatar. The contract is valued at $8.3 million.
Under the terms of the contract, Tri-Tech U.S. will provide a Multiple Effect Thermocompression (MED-TC) desalination unit. The design capacity will be 240 cubic meters per hour (or 5,760 cubic meters per day). The work scope of Tri-Tech U.S. covers design, engineering, fabrication, commissioning, performance testing and on-site training for QAPCO’s technical personnel. Tri-Tech U.S. expects to deliver the desalination unit by November 2012.
Mr. Jim Schwartz, General Manager of Tri-Tech U.S. said, "The desalination unit will use our unique MED-TC design, will be fully automated to require minimal operator attention and will operate efficiently at low temperatures to reduce scaling.”
Mr. Warren Zhao, CEO of Tri-Tech Holding, Inc. commented, "We are pleased with our first thermal seawater desalination contract in the Middle East region, which signals another significant step in our market expansion plan. This is also our third new contract outside China in 2011 following several municipal wastewater projects in India and an ultrafiltration water treatment contract in Canada. We are delighted to work with QAPCO, a leading petrochemical company producing and supplying ethylene and polyethylene from the Middle East to the global market. With our unique technologies and products in industrial wastewater treatment and seawater desalination, we will continue to refine our competitive edge in the industrial sector and seek more such opportunities.”
Mr. Phil Fan, co-president of Tri-Tech Holding, Inc., added, “Qatar is abundant with oil and natural gas. The economy depends heavily on export of oil natural gas, and related products. Presently, the country is greatly developing petrochemicals to boost its economy. Qatar has no natural waterways and scarcity in fresh water, so almost all potable water and industrial processing water is desalted seawater.
“Qatar plans to invest $75 billion in natural gas and petrochemical industries by 2012 and expects to upgrade its refining capacity to 18 million tons by 2016. Given the country’s needs for fresh water for its people and industry demands for wastewater, water treatment and desalination, especially for use in the petrochemical sector, we will continue to enhance our marketing and sales effort in the Middle East."
About Qatar Petrochemical Company Ltd.
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include references to the successful completion of the project referenced herein and other statements concerning plans, objectives, goals, strategies, future events such as project payments, results of marketing efforts or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.