DUBAI (UAE): The Avanceon FZE, a subsidiary of Avanceon Limited, has secured three contracts from different companies including Fauji Fertilizer Company Limited Pakistan, PAChem Global Pvt Ltd Pakistan and Polish Oil and Gas Company in UAE.
After this announcement at Pakistan Stock Exchange (PSX) from the company, its share price jumped to Rs 76.10 after getting a boost of Rs 4.55 (6.36) per cent today. Last Friday, it closed at Rs 71.99 per share.
The subsidiary has been contracted worth Rs 25 million to provide a comprehensive upgrade solution for the Emergency Shutdown System for Fauji Fertilizer Company Limited, one of the largest chemical fertilizer companies in Pakistan.
The ESD upgrade is critical for the fertilizer giant as it has the output of more than 6,000 MT a day and employs thousands of personnel at its plants. Avanceon will be deploying a highly reliable upgrade system to minimize the consequences of emergency situations and ensure the safety of personnel and assets at the chemical plant.
Avanceon has previously commissioned several projects with the chemical fertilizer giant successfully. In the second contract, Avanceon FZE has been contracted Rs 17 million to provide Endress+Hauser Multi-Point Thermocouples in PAChem Global (Pvt) Ltd. In addition to the supply order, Avanceon has also been contracted to supervise the installation and commissioning phase of the project.
The company entered into a partnership agreement with Endress+Hauser to offer high-end industrial field instrumentation & solutions in Pakistan in September 2019. Through this partnership, Avanceon and Endress+Hauser have joined forces to identify new business avenues and develop joint offers in the field of measurement and automation technology for industrial customers in Pakistan.
In the third contract – the company has been contracted worth Rs 25 million to Polish Oil and Gas Company to provide a state-of-the-art solution for monitoring and communication of critical assets. Avanceon will be responsible for end to end engineering, installation, and implementation of the systems for the customer.
Increasing efficiency and productivity is necessary for all oil and gas operations. This is only possible by reducing outages and safe management of critical assets. Avanceon with its extensive experience within the oil and gas sector was selected by the customer for its reliable solution.
As a leading system integrator, Avanceon has been serving the oil and gas industry for more than three decades. Earlier on November 27, Avanceon FZE had also secured three high-value contracts for oil and gas infrastructure projects with multinational customers in UAE.
