Wison Kicked off Puerto La Cruz Refinery Deep Conversion Site Preparation Project in Venezuela Joins Hand with Renowned State-owned Enterprises to “Go Global”

SHANG HAI, 21 July 2014 – Wison Engineering Services Co. Ltd. (“Wison Engineering” or the “Company”, SEHK stock code: 2236, together with its subsidiaries, the “Group”), the largest private sector chemical engineering, procurement and construction management (“EPC”) service provider in China, today announced that Wison Engineering Ltd., an indirectly non wholly-owned subsidiary of the Company, has commenced the site construction activities of site preparation for the Puerto la Cruz Refinery Deep Conversion Project in Venezuela. The project is scheduled for completion within 12 months after commencement of work.
 

To prepare for the commencement of onsite work for the project, Wison Engineering has recently entered into construction subcontracting agreements with large-scale state-owned enterprises such as China Tiesiju Civil Engineering Group Co., Ltd. (CTCE), China Railway No.9 Group Co., Ltd. (CREC-9) and China Railway Tenth Engineering Group Co., Ltd. (CREC-10) as well as Italian company TREVI. Project implementation will effectively expand the “Going-global’ strategies of the Wison Engineering together with mainland manufacturers and construction companies involved in design services; domestic machinery, equipment and materials export; logistics and transportation, and joining hands with more industry players to penetrate into the international markets as promoted by the Chinese government .
 

Wison Engineering secured the procurement and construction contract with PDVSA Petróleo, S.A. (“PDVSA”) for the above-mentioned project in September 2013, with the total contract value of approximately USD834 million. Mr. Zhou Hongliang, Senior Vice President of Wison Engineering, said, “We are pleased to win the strong support from the client, banks and sub-contractors, which successfully allowed the project to enter the principal construction phase. Wison Engineering brings to the project an outstanding project management team with international experience as well as a number of well-established subcontractors. Leveraging Wison Engineering’s proven track record in project management and its profound experience, we are confident that we’ll achieve timely and high-quality delivery of the project, thereby laying a solid foundation for the deep conversion project at the oil refinery.
 

Since 2008, Wison Engineering has stepped up its overseas business expansion with focus on Southeast Asia, the Middle East and South America. Wison’s first overseas EPC projects, the Saudi De-Bottlenecking (DBN) Project, and the benzene mitigation project in Saudi Arabia were both successfully delivered, with the DBN project winning the “Golden Key Award” with the highest total score in the quarterly audit assessment of the project owner. Wison Engineering also won the Project Management Award at the “2013 Advancement Awards for Chinese Companies in Saudi Arabia” in recognition of the high-standard delivery of the benzene mitigation project.”