Copperchase Ltd, based in Cramlington, UK, has secured a US$6 million contract with Hyundai Engineering & Construction to construct a new security fence for an oil refinery in southern Iraq. The company has already worked with large engineering and construction companies in the Middle East, UAE and South Korea.
According to press reports, Copperchase used a £200 000 loan from the Tees Valley Catalyst Fund, which is managed by FW Capital, to secure the required performance bond from Lloyds Banking Group. The Tees Valley Catalyst Fund was developed by Tees Valley Unlimited (TVU), a local enterprise partnership, to provide companies in Tees Valley with finance. In October 2014, access to the fund was widened to businesses across the North East and in parts of North Yorkshire.
“We were pleased to win the Karbala refinery contract which will hopefully lead to even more work in the region, said Copperchase Director Paul Boydell. “We’ve won a number of significant projects in recent years, but this is our largest to date and the Tees Valley Catalyst Fund loan was vital in helping us to fund the performance bond we needed. We believe this contract will really showcase our technical and project management capabilities and be the springboard we need to win even larger contracts in future.”
Edited from various sources by Rosalie Starling
Sources: The Journal, BQLive, Bdaily