CTCI Corp (中鼎工程) is expanding its oil refinery business in Russia, company spokesperson Hsiao Ming-cheng (蕭明證) told an investors’ conference in Taipei yesterday.
Revenues from Taiwan make up more than half of the total revenues of the nation’s largest construction and power engineering service provider, while sales from the Middle East and Southeast Asia account for 22 percent and 19 percent respectively.
“We see some business opportunities in the Commonwealth of Independent States and plan to enter the market by cooperating with global companies,” Hsiao said.
The company’s Beijing branch formed a joint venture with the US-based chemical company Chemtex International Inc, which last month signed an agreement to complete the basic design for a purified terephthalic acid (PTA) and polyethylene terephthalate (PET) resin plant to be built in Russia.
The plant is expected to produce 210,000 tonnes of PTA annually and 250,000 tonnes of PET resin, Chemtex’s Web site showed.
“The joint venture is seen as the company’s first step in Russia,” Hsaio told investors, adding that CTCI is seeking more opportunities in neighboring regions.
In the first half of next year, the company is expected to make a tender offer to acquire an oil refinery in Kazakhstan, which is now undergoing an environmental impact assessment by the local government.
Hsiao said that the company is planning more joint ventures with Chinese partners, hoping to benefit from China’s “One Belt, One Road” initiative, which focuses on exporting construction services for infrastructures to developing nations.
CTCI is also going into the business of long-term care for the elderly, he said.
In August, affiliate CTCI Resources Engineering Inc (萬鼎工程) inked a memorandum of understanding to develop long-term elderly care projects with Japan’s Medical Care Services Co Inc.
In the first half of this year, CTCI saw its revenues climb 6.4 percent to NT$31.8 billion (US$1.01 billion) from a year earlier.
Net profit grew 4.1 percent to NT$1.03 billion from the previous year, or earnings of NT$1.35 per share, company data showed.
CTCI said it is optimistic about its sales outlook for the rest of the year, as the revenues recognized in its power plants are expected to increase in the fourth quarter.
CTCI shares yesterday gained NT$0.15 to close at NT$43.85 in Taipei trading, outperforming the benchmark TAIEX, which dropped 0.97 percent to 9,194.52 points.
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