JGC and TECHNIP have set up a joint venture company called "EPC-Business B.V.," in order to create and operate together a worldwide e-commerce site (electronic marketplace) focused on equipment and material procurement and services for EPC (engineering, procurement, construction) projects.

Owned by JGC and TECHNIP-who will possibly be joined by other partners in the future-this e-marketplace will draw on both companies' extensive experience in carrying out EPC contracts throughout the world in industries such as oil and gas production and treatment, chemicals, petrochemical and fertilizer plants, pharmaceuticals, micro-electronics, power generation, etc. By combining this experience with the speed and efficiency of the web, the companies hope to streamline their own procurement costs significantly and to reduce the inquiry-to order time by 10%.

In the beginning, the site's services will concern mainly the steps from issuance of inquires for equipment and materials up to selection of appropriate vendors. The ultimate goals is the creation of an innovative e-marketplace that also promotes closer collaboration with suppliers and overall control of the subsequent steps: manufacturing, expedition, inspection and filed delivery of the equipment and materials procured in the marketplace.

The new e-marketplace will be accessible as of August 1st, 2001 at:

www.epc-business.com: (Under Construction)

With a staff of about 3,500 people and annual revenue of about 3 billion USD, JGC ranks among the world's six biggest full-service engineering and construction groups working in the field of hydrocarbon, petrochemical and chemical plants, and power plants, pharmaceutical plants, research laboratories, medical facilities, storage and distribution facilities. JGC, whose headquarter and main engineering center is located in Yokohama, Japan, also has satellite engineering centers in Philippine, Indonesia and Pakistan, and procurement offices in China, Singapore, USA and the Netherlands, and also 40 affiliated companies including MWKL,UK.