Parsons Acres joint venture

In March 2002 Acres International Limited announced the formation of a joint venture with Parsons Energy & Chemicals Group Inc. The new entity, which will shortly become an Alberta registered company, offers the complementary strengths of two leading companies in energy generation - technologies, engineering, procurement, construction and construction management services - for major capital projects in Canada. The new venture is located at the Nordic Acres office in Calgary.

The goal of the joint venture is to become a major EPCM supplier in Alberta. Parsons Acres will maintain the highest standards of safety, quality and overall project performance, and will target clients in the onshore oil, gas refining, petrochemical, thermal power and cogeneration sectors. The new venture provides substantial benefits to both companies. Acres will gain entry to a wider range of oil, gas and petrochemical projects, and will be in a stronger position to take on large cogeneration and combined cycle thermal power projects. Parsons gains a solid base on which to build a permanent presence in Canada.

The combined capabilities of the two companies are very impressive. Parsons Energy and Chemicals Group has 58 years of experience in designing and building major oil & gas, refining, chemical, and power projects. Acres has a proud 78-year history of serving clients in the power, oil and gas, heavy industrial, transportation and urban infrastructure sectors worldwide. Few companies can offer a similar track record in providing engineering, procurement, construction and construction management services to the energy and chemicals sector, with award-winning projects ranging in size from $25 million to a billion dollars.

The Nordic Acres Calgary office has recently received recognition for pioneering work in Steam Assisted Gravity Drainage oil recovery facilities in Alberta, while Parsons is currently completing a hydrogen plant, part of the Shell Canada Scotford refinery expansion.

A fast start for the new venture
Parsons Acres has for the last year been carrying out engineering work on the development of the Brooks thermal power plant project in Alberta. This 2 x 500-MW supercritical plant will be a greenfield coal-fired generating station, burning low sulphur sub-bituminous coal supplied from a prairie strip mining operation adjacent to the plant by Fording Coal. Power generated by this plant will be tied in to existing transmission lines, supplying the southern Alberta market.