Japanese engineering, procurement & construction (EPC) contractor Chiyoda has signed an agreement with Taiwan’s biggest contractor, CTCI to jointly develop ‘non hydrocarbon’ infrastructure projects. Both contractors have a history of working in the power and oil & gas sectors, and the agreement is described as a way of diversifying into new fields.
A statement said the two companies would look at areas such as infrastructure, alternative energy and environmental engineering together, and would share expertise and resources. Under the collaboration agreement, Chiyoda will acquire a 10% stake in CTCI for about US$ 90 million.
CTCI is Taiwan’s largest contractor, with revenues last year of TW$ 51.9 billion (US$ 1.79 billion). It was ranked no. 168 in this year’s Top 200 league table of the world’s largest contractors. CTCI has a presence in China, Taiwan and Thailand as well as other parts of South-east Asia and the Middle East.
Chiyoda’ is one of Japan’s leading industrial contractors and had revenues last year of JPY 247 billion (US$ 3.23 billion). It was ranked no. 115 in this year’s edition of iC’s league table of the world’s 200 largest contractors. Chiyoda has a presence throughout south-east Asia, with offices in Indonesia, Malaysia, the Philippines, Thailand and Singapore. It also has offices in Australia, India, Qatar, Saudi Arabia and the US.