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TechnipFMC (FTI) Starts EPC Work On Egypt Hydrocracking Unit
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TechnipFMC Plc (FTI - Free Report) announced that it met the remaining conditions necessary to get started with the engineering, procurement and construction (“EPC”) work to set up the latest hydrocracking complex in Egypt.
The oilfield service provider signed this major contract with Assiut National Oil Processing Company (“ANOPC”) in July to develop the hydrocracking unit for the Assiut refinery to address the needs for petroleum products in the Upper Egypt region. The EPC contract offers various process units, namely Vacuum Distillation Unit, Diesel Hydrocracking Unit, Delayed Coker Unit and Distillate Hydrotreating Unit along with a Hydrogen Production Facility Unit. The project, worth more than $1 billion, also includes other process units, interconnecting, offsites and utilities.
The hydrocracking complex will apply TechnipFMC’s steam-reforming proprietary technology and is likely to have a feed capacity of 2.8 million tons of Euro V diesel and other cleaner products per year by transforming them from inferior petroleum products from a local Assiut Oil Refining Company’s (“ASORC”) refinery.
The project, which is considered one of the major strategic initiatives, addresses the rising local demand for high-valued products. It will add to the oil service firm’s revenues as it comes at a time when the oil market collapse and the coronavirus-induced demand downfall have led to a massive decline in the company’s earnings and cash flows. Notably, the contract upholds the Egyptian government’s energy transition strategy to boost the economic growth in the rural sector and help reduce greenhouse gas emissions as well as the government export bill.
Company Profile & Price Performance
TechnipFMC is a leading manufacturer and supplier of products, services and fully-integrated technology solutions for the energy industry. It operates through three business segments — Subsea, Surface Technologies and Technip Energies. The company’s shares have underperformed the industry in the past six months. Its shares have declined 2.5% against the industry’s 15.8% growth.
Zacks Rank & Stocks to Consider
TechnipFMCcurrently carries a Zack Rank #4 (Sell). Some better-ranked players in the energy space are Hess Midstream Partners LP (HESM - Free Report) and Altus Midstream Company (ALTM - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy), and CrossAmerica Partners LP (CAPL - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Hess Midstream is expected to see earnings growth of 137% in 2021, whereas Altus Midstream is likely to see earnings growth of 364.5%.
In the past 60 days, the Zacks Consensus Estimate for CrossAmerica’s2020 earnings has been raised by 18.5%.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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TechnipFMC (FTI) Starts EPC Work On Egypt Hydrocracking Unit
TechnipFMC Plc (FTI - Free Report) announced that it met the remaining conditions necessary to get started with the engineering, procurement and construction (“EPC”) work to set up the latest hydrocracking complex in Egypt.
The oilfield service provider signed this major contract with Assiut National Oil Processing Company (“ANOPC”) in July to develop the hydrocracking unit for the Assiut refinery to address the needs for petroleum products in the Upper Egypt region. The EPC contract offers various process units, namely Vacuum Distillation Unit, Diesel Hydrocracking Unit, Delayed Coker Unit and Distillate Hydrotreating Unit along with a Hydrogen Production Facility Unit. The project, worth more than $1 billion, also includes other process units, interconnecting, offsites and utilities.
The hydrocracking complex will apply TechnipFMC’s steam-reforming proprietary technology and is likely to have a feed capacity of 2.8 million tons of Euro V diesel and other cleaner products per year by transforming them from inferior petroleum products from a local Assiut Oil Refining Company’s (“ASORC”) refinery.
The project, which is considered one of the major strategic initiatives, addresses the rising local demand for high-valued products. It will add to the oil service firm’s revenues as it comes at a time when the oil market collapse and the coronavirus-induced demand downfall have led to a massive decline in the company’s earnings and cash flows. Notably, the contract upholds the Egyptian government’s energy transition strategy to boost the economic growth in the rural sector and help reduce greenhouse gas emissions as well as the government export bill.
Company Profile & Price Performance
TechnipFMC is a leading manufacturer and supplier of products, services and fully-integrated technology solutions for the energy industry. It operates through three business segments — Subsea, Surface Technologies and Technip Energies. The company’s shares have underperformed the industry in the past six months. Its shares have declined 2.5% against the industry’s 15.8% growth.
Zacks Rank & Stocks to Consider
TechnipFMCcurrently carries a Zack Rank #4 (Sell). Some better-ranked players in the energy space are Hess Midstream Partners LP (HESM - Free Report) and Altus Midstream Company (ALTM - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy), and CrossAmerica Partners LP (CAPL - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Hess Midstream is expected to see earnings growth of 137% in 2021, whereas Altus Midstream is likely to see earnings growth of 364.5%.
In the past 60 days, the Zacks Consensus Estimate for CrossAmerica’s2020 earnings has been raised by 18.5%.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>