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Singapore-based PEC Ltd. today announced that Verwater-Audex B.V. a 50-50 joint venture company between its subsidiary Audex Pte Ltd and Verwater B.V., has won a contract worth 118 million Euros to build a 465,000 m3 tank terminal in the port of Rotterdam.

Verwater-Audex will provide engineering, procurement and construction (EPC) services to build the tank terminal for Euro Tank Terminal B.V.

The project is slated for completion by 2012 and will boast state-of-the-art facilities.

Euro Tank Terminal B.V. is wholly owned by Vitol Tank Terminal International, which owns and operates terminals and pipelines around the world.

Vitol Tank Terminal International is a wholly owned affiliate of the Vitol Group, a provider of trading and marketing services across the oil and energy sector.

Commenting on the news, Robert Dompeling, Group Chief Executive Officer said, “We are delighted to be awarded our first major project in the European market through our joint venture with Verwater. We will bring to the venture our strong project management, global procurement and engineering capabilities while Verwater will provide expertise with regards to the local procurement and construction capability.

"We believe that this award win is a strong testament to our joint venture’s combined capabilities and the excellent reputation of the both PEC and Verwater in delivering high quality work in the terminal industry. This award win has given us a strong entry point to the European market, and going forward, we look forward to continuing our synergistic partnership with Verwater and leveraging the strengths of both parties to seek further opportunities in Europe.”