FACTS &FIGURES

2008

BOARD OF DIRECTORSChairman & Chief Executive OfficerFabrizio Di Amato

DirectorsGianni Bardazzi

Giuseppe Colaiacovo

Stefano Fiorini

Adolfo Guzzini

Giovanni Malagò

Roberto Poli

Massimo Sebastiani

Saverio Signori

STATUTORY AUDITORSChairmanGiorgio Loli

Permanent AuditorsAndrea Marrocco

Giovanni Scagnelli

Alternate AuditorsAndrea Bonelli

Luca Longobardi

INDEPENDENT AUDITORSDeloitte & Touche SpA

COMPANY MANAGEMENTSVP Strategic Marketing and Special InitiativesGianni Bardazzi

SVP Corporate DevelopmentAndrea Brunetti

SVP Human Resources, Organization and ICTFranco Ghiringhelli

SVP ProcurementMario Ruzza

SVP Administration, Finance and ControlMassimo Sebastiani

General CounselAlessandro Bertolini

Head of Investor RelationsLawrence Y. Kay

Tecnimont Managing DirectorEnzo Caetani

Backlog by geographic area

Middle East

Europe

non-EU

Europe EU

Italy

Others

The Americas

Revenues by sector

Infrastructure &

Civil Engineering

Oil & Gas

Power

Chemicals &

Petrochemicals

18%10%

68%

4%

Infrastructure &

Civil Engineering

Oil & GasPower

Chemicals &

PetrochemicalsBacklog by sector

30%

20%

34%

16%

1%17%

6%

19%

23%

34%

Revenues by geographic area

Middle East

Europe

non-EU

Europe EU

ItalyOthers

The Americas

8% 10%

8%

6%

51%

17%

KEY FIGURES

All figures are rounded, ensuring totals sum to 100%.

EBITDA Net profit

2005 2006 2007 2008

in € million

2,463

Backlog

1,984

Revenues

1,060

537

2005 2006 2007 2008

4,5344,196

3,768

2,030

2005 2006 2007 2008

187

145

94

57

2005 2006 2007 2008

117

73

30

20

Index

1. CHAIRMAN’S STATEMENT

2. MISSION AND VALUES

3. HISTORY AND PROFILE

4. 2008 HIGHLIGHTS

5. PEOPLE

6. RESEARCH, TECHNOLOGY AND INNOVATION

7. CHEMICALS & PETROCHEMICALS

8. OIL & GAS

9. POWER

10. INFRASTRUCTURE & CIVIL ENGINEERING

11. CORPORATE GOVERNANCE

12. CORPORATE SOCIAL RESPONSIBILITY

13. CONSOLIDATED FINANCIAL STATEMENTS

FACTS & FIGURES 2008

2

6

8

14

20

28

40

48

54

60

70

80

84

1

CHAIRMAN’S STATEMENT

Dear Shareholders,

2008 was a year of significant change for Maire Tecnimont. The merger

of Maire Engineering into Tecnimont and consequent creation of a

single operating company achieved the goal of pooling the two

companies' resources and expertise, thereby creating a single, unified

platform for EPC (Engineering, Procurement, Construction) projects.

The new business model will allow the Group to manage increasingly

large projects, while extending our flexibility and efficiency so as to

take maximum advantage of new opportunities.

As an indicator of the Group’s increased capacity, revenues grew by

24% to ¤2,463 million. Ebitda amounted to ¤187 million, up 29%,

while Ebitda margins improved from 7.3% in 2007 to 7.6% in 2008.

Net Group income rose by 60% compared with the previous year to

reach ¤117 million.

The Group completed several important contracts, particularly in the

Middle East, in 2008, confirming its ability to realize large-scale

projects on time and within budget. The Rabigh, Tasnee and Sahara

plants in Saudi Arabia were among the most important plants

delivered. As a result of new projects awarded during 2008, the Group

increased its backlog to ¤4,534 million at the year-end, despite the

significant growth in revenues. The Power sector enjoyed the greatest

increase in new orders, thanks in particular to orders from Latin

America totalling approximately ¤1,515 million. The Oil & Gas sector

was also awarded several important projects.

2008 was a record year in terms of results.

2 3

1

4 5

Despite the difficult state of the world economy, the Group boasts

a year-end 2008 backlog of almost two times revenues, which

allows it to look with confidence towards the future. The Group has

reviewed its strategic development guidelines for the coming three

years and has formulated a new 2009-2011 strategic plan. This

takes into account the generally negative economic forecasts but

also new opportunities such as those arising from government

policies to improve Italian infrastructure. The plan first sets out

general strategic guidelines, which are then delineated as

initiatives for business units across the Group and for individual

business units.

As it optimises its multi-business model and leverages on its

common EPC platform, the Group will consolidate and expand its

geographical presence, diversify sectors of activity and, last but

not least, improve the efficiency of its operations.

I trust that the excellent results achieved in 2008 will be

appreciated by all our shareholders and stakeholders as

confirmation of the Group’s operational skills and our desire to

continue growth which will benefit clients, employees and

investors in the years to come.

Yours sincerely,

The Chairman

Fabrizio Di Amato

Maire Tecnimont has confirmed its ability to work and deliver

projects successfully in a wide variety of international markets,

even under difficult conditions.

To reach the goals outlined, we must maintain the highest performance standards.

6 7

2Mission

serving selected business segments worldwide with distinctive

capabilities and a strong technology orientation, to provide added

value to our stakeholders, and to contribute through innovation to a

sustainable and environmentally friendly global development.

Values

highly focused on quality, cost-effectiveness, delivery time and reliability.

leveraging on our experienced professionals.

strengthening multi-sector business strategy and empowering our

long-lasting presence in high-potential emerging markets.

developing innovative technological solutions jointly with our

technology providers, to secure a better future for our clients and

the countries in which they operate and development opportunities

for our personnel wherever they work.

To be a leadingEngineering & Construction Company,

To be best in class in execution,

To achieve top-level safety records,

To anticipate the market,

To have a view on the future,

MISSION AND VALUES

8

3

9

HISTORY AND PROFILE

Maire Tecnimont is a leading Engineering and Construction Group

operating worldwide in the Chemicals and Petrochemicals, Oil & Gas,

Power, Infrastructure and Civil Engineering sectors. The Group’s

reputation and success have been achieved because of its strong

technology orientation and advanced skills in Project Management,

Engineering, Procurement and Construction (EPC) services for the

implementation of complex projects worldwide. It has developed and

demonstrated major expertise in managing large EPC projects on a

turnkey basis in different countries and regions. The Group combines

high quality and planning standards with a focus on multicultural and

environmental issues. Present in four continents and 24 countries, the

Group has 37 operating subsidiaries and approximately 4,300

employees, more than half of whom are outside Italy.

Maire Tecnimont’s roots lie in two important Italian engineering

groups: Fiat Engineering (later to become Maire Engineering),

acquired in February 2004, and Tecnimont, acquired in October 2005.

The origins of Fiat Engineering date back to the 1930s, when the

construction and plant division of the Fiat group began designing

and developing automobile plants. During the twentieth century,

Fiat’s engineering department supported the expansion of its

parent group by developing plants and sales offices in Italy and

abroad. In this period, it evolved excellent skills in cogeneration

and combined cycle plants in Italy and abroad, notably the Middle

East and Latin America. It also developed specialist expertise in

infrastructure, such as the design of high-speed railway lines

(Turin-Milan and Florence-Bologna) and innovative underground

railway systems. The acquisition of Fiat Engineering by the Maire

Group was finalized in February 2004 by the formation of Maire

Engineering. Founded in Rome at the beginning of the 1980s, the

Maire Group was originally active in civil and industrial

engineering and maintenance, and progressively expanded into

infrastructure and major civil projects. Following the acquisition

of Fiat Engineering, it became one of the main national players in

general contracting.

10 11

The challenges posed by the international market, however, led the

Group to take a further ambitious step: the acquisition of Tecnimont,

a leading and long-established company serving the international

petrochemical industry, from the Edison Group in 2005.

Tecnimont was founded by the Montedison Group in 1973 to

combine the specialist skills of the engineering and development

divisions of Montecatini and Edison, two great names of Italian

industrial history. The first inherited the legacy of Giulio Natta,

the Nobel prize-winner for chemistry in 1964, and specialized in

building polyolefin plants. The second had been active in

electricity generation since the late nineteenth century.

Tecnimont and its predecessors have now been designing and

constructing plants for the chemicals and petrochemicals, oil & gas,

and electricity sectors in Italy and abroad for more than fifty

years. During this period, the Company established a presence in

many developing areas that have now risen to prominence in the

world market, from the Middle East to India, Latin America,

Russia and China, establishing a successful track record in the

execution of turnkey engineering, procurement and construction

projects. The acquisition of Tecnimont by Maire, which gave birth

to Maire Tecnimont, was ranked as the second most important

merger in Italy in 2005 (KPMG M&A Award 2006).

After the acquisition of Fiat Engineering and Tecnimont, the Group

faced the difficult challenge of merging very diverse business

cultures. New business strategies were implemented to achieve

greater competitiveness in international markets. From small

satellite operations of great industrial galaxies, the activities of

Tecnimont and Maire Engineering became the core business of the

Maire Tecnimont Group. Today, the Group operates from a

common IT platform that provides for the sharing of common tools

and procedures and promotes greater flexibility for personnel. The

Group operates as an integrated global engineering system and

manages complex projects throughout the world, leveraging on

skilled professional employees from many different cultures. The

main operating centres are in Milan, Paris, Turin, Rome,

Salzgitter, Mumbai, Belo Horizonte, and Brindisi.

In 2008 the network was further enhanced by the acquisition of Bergamo-based Noy Engineering,

an Italian company specializing in the design and supply of PET resin and polyester, nylon and

acrylic fibre plants. The Group was thus able to further broaden its technology portfolio.

In early 2007 Maire Tecnimont decided to seek a listing on the stock exchange in order to increase

its international visibility and widen its ownership base. 26 November 2007 was the first day of

trading on the Milan Bourse. The Company was awarded the ‘Value Creators’ prize by MF Company

Awards in 2007.

Over the years, the Group has successfully seized many major opportunities that have arisen in the

Engineering and Construction (E&C) industry. One key factor during the entire acquisition process

has been Maire Tecnimont’s strategy of increasing the value of its newly acquired companies by

promoting higher levels of efficiency and by introducing significant changes to the Group structure.

That is why in September 2008 Maire Engineering was merged into the new single operating

company, Tecnimont, with the aim of realising businesses synergies, achieving maximum

efficiencies, developing the Group’s expertise, and optimizing Company operations, processes and

commercial activities.

Maire Tecnimont now occupies one of the leading positions in the ranks of Italian and international

engineering and construction companies, and is recognized as the leading independent Italian

contractor to the oil & gas industry.

Tecnimont SpA is the main operating company working in:

Chemicals and Petrochemicals More than 120 polypropylene and polyethylene plants delivered

worldwide, making Tecnimont the market leader with a share of

approximately 30% of global polyolefin capacity installed in the

last six years, including a 40% share in LDPE.

Additional competences in ethylene oxide, ethylene glycol,

purified terephthalic acid (PTA), ammonia and fertilizers.

Oil & GasOver 80 projects related to LNG terminals and storage tanks

delivered worldwide.

Additional competences in the LNG chain and oil refineries.

Power20 power plants delivered in Italy and 15 abroad with more than

7,400 MW installed capacity.

Many references in coal-fired, gas turbine combined-cycle, and

hydroelectric power plants.

Infrastructure and Civil EngineeringDesigned approximately 37% of the Italian high-speed railway

lines now under construction.

Primary competences in underground mass transportation systems.

Group Structure Maire Tecnimont SpA is the parent company of the Group, focusing

on strategy, coordination and supervision of the following

corporate areas: administration, finance & control; human

resources, organization & ICT; strategic marketing & special

initiatives; and procurement. It also handles legal, internal

auditing, external communications, and investor relations services

on behalf of the Group.

12 13

1514

11 February MT signs a joint venture with the Egyptian

Petrochemicals Holding Company (ECHEM),

controlled by the national Ministry of

Petroleum, for the incorporation of a new

company to provide engineering services and

management for the construction of industrial

plants in Egypt and nearby countries.

20 February MT signs a contract with Silfab for basic

engineering design services, main

equipment procurement, permitting services

and other support activities for a new high

added value manufacturing plant in the

photovoltaics industry.

4

10 January MT signs a contract with API Raffineria di

Falconara to supply engineering and supervisory

services for the Falconara Marittima

integrated energy centre in Italy. The Group

will provide the refinery with a dedicated team

of specialist engineers and project managers.

14 January MT receives a safety award for 15 million

man-hours without lost-time injury at the

Petro Rabigh project in Saudi Arabia.

15 January MT signs a contract with Polinter (PEQUIVEN)

for the provision of basic engineering design

services and the procurement of long lead

items for a 300,000 tonnes/year low density

polyethylene (LDPE) as part of the Olefinas

Tercera y Polietilenos El Tablazo complex.

25 January The go-live date for the new integrated Group

IT system, SEED. The system allows for a

global overview of the business and ensures

the integration and traceability of Group

transactions, creating advantages in terms of

efficiency and optimization.

29 January An MT-led consortium is awarded twomega-contracts in Brazil for theconstruction on a lump-sum turnkeybasis of two power stations with acombined capacity of 1,080 MW. The firstplant will be realized for the majorBrazilian private investor MPX near theport of Itaqui, in the state of Maranhao,the second for MPX and EDP (through itsBrazilian subsidiary Energias do Brasil)near the port of Pecem, in Cearà state.Both plants will be built to comply withstringent environmental standards thatexceed those currently in force in Brazil.

2008 HIGHLIGHTS

16 17

26 February MT signs a contract with PetroChina Daqing

Refining and Chemicals Co. (PetroChina

Group) for the supply of license, process

package and basic engineering services for

a 300,000 tonnes/year polypropylene plant.

The Chinese plant will be the eleventh in

the world to use the Spherizone technology.

25 April During a ceremony held in Mumbai in the

presence of the Maharashtra State Industries

Minister and the Union Minister of India for

Fisheries and Agriculture, MT’s Indian

subsidiary TICB receives two trophies from the

Government of Maharashtra for excellence in

exports for the years 2005-06 and 2006-07.

28 April MT signs a contract with EDF for the

provision of basic engineering design

services and project management for the

construction of an LNG regasification

terminal in Dunkerque, France.

7 May Through its wholly owned subsidiary MST

SpA, MT is awarded two contracts: one for

the facility management and maintenance

of the Rome Headquarters of INPDAP, the

Italian civil servants' pensions institute, and

the other, from Poste Italiane, the leading

Italian provider of postal services, for the

management and maintenance of 367 post

office branches.

8 May MT signs a contract with the Egyptian

company, Engineering for the Petroleum &

Process Industries (ENPPI), to provide PMC

(Project Management Contractor) services

for a 200,000 tonnes/year polystyrene plant

at Alexandria, Egypt.

8 July The Honoris Causa Degree is awarded to the

Microcredit Nobel Prize winner, Professor

Muhammad Yunus, by the University of

Rome’s Sapienza Faculty of Political Science,

in collaboration with Maire Tecnimont and

other sponsors.

18 JulyMT holds its annual Convention in Milan at

the Officine del Volo. Around 1,700 people

participated by videoconference and by

streaming on the intranet portal.

30 July MT signs contracts for the supply of three

flue gas desulphurization (FGD) and

dedusting systems for the coal-fired power

stations at Pecem and Itaqui in Brazil. Their

installation will allow both power stations to

meet advanced environmental standards that

exceed current Brazilian requirements.

15-16 May MT participates in the 35th National Congress

of ANIMP-OICE-UAMI (the three main

organizations for Italian engineering contractors

and related services) in Santa Margherita

Ligure, Italy.

8 JuneMT signs a contract with IVECO for basic

engineering services for a truck production

plant in Madrid, Spain. This project represents

a renewal of the collaboration with the

FIAT Group in the industrial sector, as well

as an international marketing success for

MT’s Infrastructure & Civil Engineering

business unit.

16 JuneMT sponsors a project to restore the

seventeenth century Acqua Acetosa Fountain

in Rome promoted by the Municipality of

Rome’s Cultural Heritage Office.

29 June–3 JulyMT is among the main exhibitors of the 19th

World Petroleum Congress Exhibition in

Madrid, the most influential meeting place

for the global oil and gas industry, organized

by the World Petroleum Council.

1 July The official beginning of the “In the Open”Project. To celebrate several importantGroup anniversaries, people and places ofMaire Tecnimont will be depicted intheir daily work in a series of paintingsthat will portray the complex world of MT.

5 August MT acquires 75% of the engineeringcompany, Noy Engineering Srl, from theGreen Holding Group. The companyspecializes in the design and supply ofpolyethylene terephthalate (PET) resinand polyester, nylon and acrylic fibreplants. The transaction enlarges MaireTecnimont's range of EPC turnkey plants.

18 AugustMT is ranked 33rd in the Top 225International Contractors and 10th inthe Middle East by Engineering News-Record, the leading US journal for theconstruction industry.

1 September Maire Engineering is merged intoTecnimont, creating a new singleoperating company. The integration isaimed at realizing business synergies,while optimizing Company processes andoperational and commercial activities.

18 19

17 September Construction begins on the new railway track

from Fiumetorto to Cefalù, part of the project

to double the Palermo-Messina line. MT will

construct 20 km of new track.

22 SeptemberMT wins its first contract in Slovakia. It is

awarded a contract for the basic engineering

design package for a 220,000 tonnes/year low

density polyethylene plant in Bratislava. The

plant, to be built for Slovnaft Petrochemicals

sro, part of the MOL Group, will be based

on the state-of-the-art Lupotech T tubular

high-pressure process.

3 October The new corporate identity is adopted by all

of MT’s Italian and international subsidiaries

and branch offices.

3 October MT is among the keynote speakers at the

international conference promoted by World

Energy Council Italy on future energy

trends, which focused specifically on the

development of new technologies to reduce

global CO2 emissions.

27 November The Italian Railways’ experimental train Y1

reaches a record speed of 339 km/h during

a gradient speed test on the Bologna-

Florence line.

In this section Maire Tecnimont is represented by the acronym MT

6 OctoberAn MT-led consortium signs an EPC contract

with the MPX-EBX Group for the construction

of the third line of the new coal-fired power

plant in Pecém, Cearà State, Brazil.

8 October MT is part of a consortium awarded a

contract to expand the underground gas

storage facility in Wierzchowice, western

Poland, to 1.2 billion cubic metres. The client

is the national public gas distributor PGNiG.

The project incorporates challenging

efficiency and environmental targets.

3-6 November MT is among the main exhibitors at the

13th Abu Dhabi International Petroleum

Exhibition & Conference (ADIPEC), one of the

largest and most acclaimed oil and gas

shows in the world.

11 November The new Maire Tecnimont website goes

on-line. It features new and updated

contents and graphic layout. The skin was

redesigned in accordance with the new

corporate identity.

9-11 November MT is a partner-sponsor at the 22ndInternational Project ManagementAssociation (IPMA) World Congressin Rome. MT’s Petro Rabigh projectis among the winners of IPMA’sInternational Project Excellence Awardfor 2008.

23 November MT signs an agreement with the Italianrugby club, ASD Rugby Monza 1949, tobe title sponsor of its teams in the 2008-2009 and 2009-2010 seasons. Theinitiative is part of the Group’s socialresponsibility programme focusing onsporting activities to promote socialinclusion amongst young people.

Zero Incident TargetMaire Tecnimont confirmed and consolidated its record safety

performance in 2008, thanks to its Integrated Environment, Health

and Safety Management System. This led to a further improvement

in performance, even against the background of a major

organizational change involving the integration of Maire Engineering

and Tecnimont, the two main operating companies of the Group.

Despite the complexity of the Group’s activities and the year’s

organizational changes, our safety performance continued to exceed

national and international norms. This demonstrates that the growth

in our business has not undermined our attention to safety. Maire

Tecnimont’s record of workplace accidents in non-Italian sites, which

is clearly superior to the industry average, confirms the Group’s

excellent performance. In the table A, we outline the 2008 data

expressed in the most common international indicators:

a) LTI - Lost Time Incident Frequency Rate;

b) RIR - Recordable Incident Rate.

These indicators are computed and monitored according to US

Occupational Safety and Health Administration (OSHA) regulations,

reflecting common international practice, and are shown compared

with the average performance of the Oil & Gas and International

Industrial Construction sectors.

The table B shows the Injury Frequency and Severity Indexes

(according to UNI 7249 standards) on Italian sites managed by the

Group directly or in joint ventures/consortia in 2008, compared with

the benchmarks established by the Italian National Institute for

Work Incidents (INAIL).

20 21

5

PEOPLE

22 23

K P I*

Maire Tecnimont Safety 2008(based on approx. 115 million hours

worked on-site abroad)

InternationalReference

Benchmarks

LTI

(OSHA Lost Time Incident Rate)0.02 0.14

0.55 0.58

0.11

0.13RIR

(OSHA Recordable Incident Rate)

Maire Tecnimont Oil & Gas Producers

Contractor Data**

Construction IndustriesInstitute (CII)

***

Outstanding HSE performances were recorded by the following projects:

Petro Rabigh, Saudi Arabia (35 million hours without LTI); KPPC

Aromatics, Kuwait (20 million hours); Al Waha, Saudi Arabia (20 million

hours); Tasnee, Saudi Arabia (17 million hours - this project was selected

for the 2007 Total Outstanding Project HSE Award by Fluor); Q-Chem

II, Qatar (10 million hours); and IOCL Panipat, India (5 million hours).

The work on reinforcing, diffusing, checking and constantly

upgrading the Integrated HSE Management System continued in

2008, with the aim of actively preventing accidents and occupational

diseases. There was a particular emphasis on directly managed

sites. In 2008, the HSE function organized about 600,000 hours of

training courses, which attracted 172,000 attendees.

We continued to implement Maire Tecnimont’s corporate HSE

policies and improve our performance against a background of

diverse organizational, management, technological and operational

needs. Specific focus was devoted to integrating the Infrastructure

and Civil Engineering business more closely into the Group’s

systemic approach.

Maire Tecnimont HSE SystemHSE objectives, targets and programmes are part of the Maire

Tecnimont business vision. The HSE policy takes into account specific

national rules, HSE Management System principles and structures,

applicable international standards, client requirements, and so on.

Maire Tecnimont establishes, documents, implements, maintains

and continually improves a tailored HSE management system in

accordance with ISO 14001:2004 and OHSAS 18001:2007 standards.

The Group’s top management establishes the HSE policy, which is

implemented by all personnel, and, through a periodical review of

the HSE Management System, monitors the suitability of HSE policy

to evolving business conditions. By adopting this policy, Maire

Tecnimont is committed to:

identify the health, safety and environmental impacts arising

from past, present or planned business activities;

identify applicable legal and other requirements to which Maire

Tecnimont is bound (including national and international laws,

local requirements, agreements with local authorities or

customers, voluntary principles or codes of practice);

set appropriate HSE priorities and targets;

establish organizational structures and programmes to

successfully achieve these objectives and targets;

implement control, monitoring, preventive and corrective actions,

and audit and review activities so as to ensure good functioning of

the HSE Management System;

ensure flexibility in adapting to changing circumstances and new

cultural behaviours.

Objectives, targets and programmes are summarized in the HSE

improvement plan issued under the responsibility of the Group’s

top management. The HSE system is supported by internal

procedures which are structured on different hierarchical levels

and tailored to specific operating needs, activities and organizational

factors. The system also defines the requirements for each location

and provides for the keeping of relevant records. This allows the

Group to monitor HSE objectives and targets, to evaluate possible

deviations and to implement remedial action. Regular HSE

monitoring of sub-contractors is also of crucial importance.

* KPI - Key Performance Indicator** Source: International Association of Oil & Gas Producers. Report No 409, May 2008. Safety Performance indicators - 2007 data. Contractor

aggregated data.*** Source: CII – Benchmarking & Metrics. Safety Report 2007. Aggregated data 2006 (BMM 2007 02 December 2007).

Table A

Table B

NationalBenchmark

Indexes

IF

(Injury Frequency Index)21.14 56.37*

0.77***

33.89**

Construction IndustryManufacturing andServices Industries

0.29IG

(Injury Severity Index)

Maire Tecnimont 2008 (based on approx. 1.7 million hours worked onsite in Italy)

National Reference Benchmarks

* 2005-2008 INAIL index (million hours worked) for the construction industry.** 2005-2008 INAIL index (million hours worked) for the manufacturing and services industries.*** 2002-2005 INAIL index (thousands of hours worked) for the manufacturing and services industries.

The HSE Management System defines the duties and responsibilities

of key personnel involved in the system. Each Head of Department

reports periodically to the Quality & HSE Department on the status

and performance of his or her department with regard to HSE issues.

The Quality & HSE Department periodically updates the HSE

Management System through collaboration with relevant business

associations, universities, and national and international authorities.

It also develops an internal audit programme to verify conformity to

requirements and correct implementation. The audits are conducted

by independent personnel in order to ensure the objectivity and

impartiality of the audit process. Top management is kept constantly

informed about audit results and regularly reviews the performance

of the HSE Management System in order to ensure its continuing

effectiveness and improvement.

Growth in human capital has been based on two main guidelines:

(i) an increase in the number of personnel, and (ii) the

development of professional competences and management

skills. Thanks to a strong attraction and retention policy, the

number of Group employees grew from 2,952 in 2006 to 4,272 at

the end of 2008, of whom 52% were university graduates or the

equivalent. As an international company with a global workforce,

Maire Tecnimont encourages the mobility of its employees in

order to develop their professional growth and loyalty. In order to

support new foreign employees, especially those from India, the

Group has implemented an expatriate assistance programme that

includes the handling of all immigration procedures and similar

issues and the provision of economic support for employees and

their families.

The professional skills of the Maire Tecnimont workforce have been

developed through training initiatives focusing on project

management, performance monitoring, careful assessment of the

skills and capabilities of the Group’s managers and professionals,

and the fostering of the foreign language skills that are needed in

the increasing internationalization of the business.

Training initiatives have been directed at all Group companies and

employees, with the aim of fostering integration and networking,

the promotion of a common value-based culture and the exchange

of workplace experiences. These objectives are especially important

since a large number of employees hired in the last three years

comes from an international background - 645 from India and 52

from South America, compared with 664 from Italy.

As further evidence of the importance of the human factor in our

success, it is worth mentioning the strong commitment of the teams

involved in redesigning the organization following the merger of

Maire Engineering into Tecnimont. These teams played a

fundamental role in developing synergies among business lines

through the sharing of know-how and the mutual exchange of

experiences and expertise throughout the Group.

Developing Human Resources and Cultural Sensitivity Maire Tecnimont considers human resources to be its main asset.

The loyalty, professionalism and passion of our employees are the

most important corporate success factors. This vision is reflected in

the human resources activities and initiatives developed in the last

few years with the aim of reinforcing our employees’ sense of

affiliation and Company spirit.

In 2008, human resources management and development were

focused on strengthening the Power and Oil & Gas business units,

while the Chemicals & Petrochemicals and Infrastructure and Civil

Engineering units were provided with the means to improve their

effectiveness. The HR Department is committed to fully supporting

business growth through a selective hiring policy aimed at

balancing strong expertise with the energy and skills of youth.

A large number of new graduates in technical disciplines were

hired, especially from engineering schools. This was facilitated by

the long-standing close relationships between Maire Tecnimont

and the main Italian universities. In particular, the Group is in

constant cooperation with the Milan and Turin Polytechnics to

provide internships and on-the-job project works, joint seminars

and workshops, research programmes on matters of common

interest, and recruitment events.

24 25

26 27

organizational changes that could affect the QMS itself. The review of the QMS

is carried out by analysing the QMS Report, which consists mainly of feedback

from customers, coupled with audit results, process performance, and product

conformity analyses.

The QHSE Vice-President is the management representative with responsibility

for Quality. The basic references of Maire Tecnimont Group’s QMS

documentation are the Code of Ethics and the Organizational and Management

Models (according to Italian Legislative Decree 231/2001). Other relevant

documentation includes the Quality Manual and Quality Policy, Organizational

Procedures, and Work Instructions. The QHSE Department establishes and

maintains an internal audit programme to verify conformity, effectiveness,

results and possible improvements to QMS. During 2008, 26 system audits to

departments and 95 project audits were performed. The audits are conducted

by qualified internal personnel, independent of the area being examined. In

addition, Maire Tecnimont auditors carry out external audit activities on

vendors and subcontractors during the qualification, manufacturing/service

provision and construction phases.

The Tecnimont Quality Management System’s compliance with ISO 9001 was

certified by Det Norske Veritas (DNV) in a certificate reissued on February 4,

2007. Yearly re-assessment audits have been performed with positive results

since then. Tecnimont’s certification dates back to 1995. Services covered by

the certificate include: project management, basic and detailed engineering,

procurement, construction and installation management and turnkey supply of

industrial plants (in particular relevant to chemicals and petrochemicals, oil

and gas, and power) and infrastructures.

Quality Policy and Quality Management SystemMaire Tecnimont has implemented a tailored Quality Management

System (QMS) in accordance with ISO 9001:2000 standard to develop

policies and objectives which take into account specific customer

needs and a general requirement to continually improve quality

performance. An action plan concerning a new version of the

standard (ISO 9001:2008) is currently being implemented and

should be completed by the end of 2009. The general objectives of

the quality policy are the following:

understanding and meeting customer needs;

fulfilment of contract obligations and meeting technical and

economic requirements;

compliance with statutory and regulatory obligations (standards

and codes in force in the country of destination).

The quality policy is communicated to Company personnel through

the Quality Manual and corporate intranet and is also displayed at

prominent locations in Maire Tecnimont’s offices. Every employee

and each department carries the responsibility of achieving its

objectives through accurate document control, equipment

supervision, monitoring of construction, and handover activities.

Maire Tecnimont top management strives continually to improve the

effectiveness of the Quality Management System through a periodic

review of results, remedial action in the case of deviations, and

28 29

6

RESEARCH,TECHNOLOGY AND

INNOVATION

World-Scale Engineering and Contracting Based onHigh Technology The world-class references and reputation won by Maire Tecnimont

in executing large complex projects over several decades are due to

the Group’s strong technology orientation. Success in all our sectors

- Chemicals and Petrochemicals, Oil & Gas, Power, Infrastructure

and Civil Engineering – is closely linked to high added value

technological expertise.

Maire Tecnimont’s historical roots, going back to the engineering

skills developed by Montecatini, Edison, and Fiat in the early years

of twentieth century, have created a culture of technological

innovation in the Company. This has allowed it to consolidate a

leading position in polyolefin technologies, based on the pioneering

work of Nobel Prize winner Giulio Natta in the 1950s, and, at the

same time, to introduce new processes in the chemicals,

petrochemicals and oil & gas sectors, and to diversify into power

and infrastructure engineering.

This innovatory spirit is now an important driver for all the Group’s

business lines. In recognition of our technological expertise,

technology licensors regularly entrust us to perform studies

(feasibility studies, plant optimization, value engineering, etc.) to

support their process development activities.

Finally, the key to implementing technology innovations

successfully and to making them applicable to large industrial

complexes is advanced project management expertise - the proven

capability to manage large international projects. Project

management skills are crucial in realizing not only EPC plants but

every large project that involves technical complexity, limited

resources, and a stringent time schedule. To initiate, develop and

complete the whole EPC project life-cycle, especially under difficult

geographical and cultural conditions, is to deal with major

organizational challenges in which planning, coordination and

monitoring are the day-to-day essentials. To execute a project is to

create a mosaic of hundreds of parts that have to fit together.

Engineers, vendors, sub-contractors, thousands of on-site workers,

30 31

client representatives, financing partners, consortium partners,

local and international institutions: all these different players have

to be coordinated as if in a symphony orchestra, with the project

manager acting as conductor. For a leading international

engineering contractor such as Maire Tecnimont, first-in-class

project management skills are just as important as technological

expertise and a spirit of innovation for its business success.

An International Network of Engineering ExcellenceMilan is the headquarters of Tecnimont, employing over 1,050

professionals. It represents a world-class patrimony of engineering

expertise, technological and process innovation and project

management skills, and plays a leading role in engineering,

procurement and construction (EPC) projects in the chemicals,

petrochemicals and oil & gas industries. Thanks to a global IT

platform, the Milan headquarters also coordinates the activities of

the Group’s worldwide network of subsidiaries, branch and

representative offices.

Headquartered in Mumbai, the wholly owned subsidiary Tecnimont

ICB Pvt Ltd (TICB) is one of the few Indian engineering and

construction companies with experience in executing worldwide

lump-sum turnkey projects. It also provides multi-disciplinary

engineering services to the entire spectrum of Maire Tecnimont’s

business lines. With over 1,800 highly qualified and experienced

specialists and a capacity of almost three million engineering man-

hours/year, TICB has worked on more than 350 reference projects.

TICB’s Electrical & Instrumentation (E&I) Construction Division is

an important asset for the entire Group in successfully delivery of

turnkey projects, because of its expertise in procurement, field

engineering installation, testing/calibration and commissioning.

Salzgitter is the headquarters of the German subsidiary Tecnimont

Planung und Industrieanlagenbau GmbH (TPI). The company,

wholly owned by Tecnimont, specializes in the design of LDPE

plants, based on High Pressure Tubular Reactor technology. TPI

employs about 50 engineers, 90% of whom are university and

technical college graduates. TPI’s deep technological experience

makes Maire Tecnimont a member of the exclusive worldwide club

of engineering companies with a good reputation in the design of

high pressure units.

Sofregaz, based in Paris, is among the key players worldwide in the

design and construction of LNG receiving terminals, with

capabilities ranging from feasibility studies to complete project

development and implementation. Sofregaz has about 130

employees and has completed over 800 projects in 50 countries

covering the whole natural gas chain - field gathering, treatment,

transport, underground storage, liquefaction, and regasification.

The Turin engineering centre dates back to the 1930s, when it was

the Construction and Plant Division of Fiat. Decades of experience

have given it unparalleled expertise in the design and construction

of complex civil/industrial buildings and transportation

infrastructure, specifically high-speed railways and mass

transportation systems, in Italy and abroad. The Turin centre, which

has about 450 staff, also has considerable expertise and numerous

references in the power sector - coal-fired power plants, gas

turbine combined cycles (GTCC), and hydroelectricity generating

units.

The Rome centre, which employs about 150 people, specializes, in

close cooperation with the Turin centre, in underground and above-

ground railway systems. It also offers facility management, real

estate and project financing services.

Over the last 20 years the Brindisi engineering centre has played a

major role in the development and industrial-scale implementation

of new polyolefins technologies. The centre, which has about 70

staff, has developed specific know-how in LyondellBasell’s

Spherizone polypropylene (PP) technology worldwide.

Noy Engineering, based in Bergamo, has 25 employees. It has been

active since the 1980s in the design and construction of plants for

the chemicals, textiles, energy and environmental sectors, working

mainly with proprietary technologies. Acquired by Maire Tecnimont

in 2008, it enriched the Group’s portfolio by adding polyethylene

terephthalate (PET) resin and polyester, nylon 6, nylon 6.6, and

acrylic fibres know-how and technology.

32 33

America. Our interest is also progressively focusing on the

promising renewables (or green) market, in particular on electricity

generation using concentrating solar power or biomass. In these

technologies, solar radiation is captured or solid biomass (e.g.

wood) is burnt in the first, innovative section of the plant. The heat

produced is captured by a heat-transfer fluid and used in the

second, traditional section of the plant to raise steam that drives an

electricity-generating turbine. The Group’s biomass technology is

being implemented in the Olevano Lomellina pilot plant (see

Chapter 9 on ongoing power projects).

Research and Development on New-Concept NuclearPower PlantsLeveraging on its strong track record, Maire Tecnimont is pursuing

a forceful strategy to develop skills and competences in nuclear

power plants, in order to reinforce and diversify its presence in

electricity generation.

The future for new-concept nuclear plants looks bright in a number

of countries, driven by increasing energy consumption, the search

for a balanced energy supply, and the need to reduce CO2

emissions1. In 2008 Maire Tecnimont joined an international

research team led by Westinghouse Electric Co. developing the IRIS

(International Reactor Innovative and Secure) 335 MW light-water

reactor.

Many smaller and developing countries are seriously considering the

nuclear option, but are faced with a number of local conditions: a small

electric grid, limited financial resources, no nuclear experience, and

The Belo Horizonte engineering centre, with more than 50

employees, is the Brazilian headquarters of the Group, specializing

in the design and construction of infrastructure, power plants and

civil/industrial buildings. It is supported by the Group’s other

Brazilian office in São Paulo, which has 30 employees. The latter

has inherited Tecnimont’s expertise and references in the

chemicals, petrochemicals and oil & gas sectors.

The World of Chemicals & Petrochemicals: Deep Knowledge and Client ConfidenceMaire Tecnimont has designed and built a large number of chemical

and petrochemical plants, mainly for polyethylene, polypropylene,

ethylene oxide, ethylene glycol, purified terephthalic acid (PTA),

ammonia and fertilizers. The Group offers a wide range of

competences from feasibility studies to front-end engineering

design (FEED), technology selection and project implementation on

a lump-sum turnkey basis.

Maire Tecnimont’s know-how in polyolefins (polypropylene and

polyethylene) is outstanding. Not only is the Group included in the

shortlist of preferred engineering contractors for many patented

technologies, but in many cases we develop the process design

package (PDP) for the licensor itself. The PDP is the know-how

documentation delivered by the technology provider to the

contractor. Maire Tecnimont’s internal guidelines and systems for

the proper handling and management of proprietary information

mean that we can, and do, work with competing processes and still

protect confidentiality of information. Expertise in various

technologies is of the utmost importance in creating client

confidence that the Group is the right partner from technology

selection to plant start-up.

Towards the Future of Energy: Power Technology and RenewablesFollowing the acquisition in 2001 of Fiat Avio Power Division, with its

special know-how in power plants and state-of-the-art gas

turbines, the Group has developed a significant track-record in

designing and building some of the most advanced power projects

in Italy and abroad. These include simple-cycle and combined-cycle

gas-fired plants, coal-fired power stations, cogeneration,

repowering, electricity and energy distribution systems for civil and

industrial use, and district heating systems.

Based on its experience in combined-cycle power plants – used for

both electric power production and cogeneration of power and heat

- Maire Tecnimont has developed specific expertise in the automatic

control of power output and start-up and shutdown procedures.

This allows a power plant to operate with a very high flexibility at

times of fluctuating demand.

Besides traditional power plants, Maire Tecnimont also offers

significant expertise in hydropower, which it developed in South

1 According to international data, 40% of CO2 emissions currently come from electricity production.

Capture Buffer storagefacility

Transport

Storage

Deep aquifers Depleted oil and gas fields Unmineable coal seams

Storage

CO2CO2

Oil or Gas MethaneCO2

CO2CO2CO2

CO2

34 35

New Technology to Combat the Greenhouse Effect:Carbon Capture and Storage Climate change and energy demand are the two major challenges of

the future. It is widely recognised that fossil fuels will continue to

play a central role in world energy supply, which will inevitably lead

to an increase in global CO2 emissions. According to the

International Energy Agency, approximately 69% of world CO2 and

60% of greenhouse gas emissions are related to energy. CO2 is

therefore considered to be one of the main enemies of global

sustainability. Without policy changes, CO2 emissions are predicted

to rise by 130% by 2050. Carbon capture and storage, which can be

applied to fossil fuel power plants and industrial processes, is one

of the most promising technologies for mitigating this trend.

Through its subsidiaries TICB and Sofregaz,2 Maire Tecnimont is

becoming a key player in this promising market. As preferred

contractor of one of the major licensors, it has built several plants

in which CO2 is recovered from flue gases and used to boost oil and

gas extraction, or to increase the output of existing urea plants. This

technology, now applied mostly to small-scale plants, could become

a potentially huge market if applied to major power stations. In

2008, for example, Tecnimont was awarded a contract for the front-

end engineering design of a CO2 capture plant to be installed at the

gas-fired power station in Karsto, Norway. This will be the world’s

largest application of this technology. Similar designs and studies

are being carried out for important clients in the Middle East.

poor infrastructure. That is why large nuclear power stations, as

currently planned in countries with an established nuclear industry, do

not respond to their needs. By contrast, smaller reactors are being

developed for countries considering nuclear energy for the first time.

IRIS should provide unique benefits to small countries, but is also an

attractive option for larger developed nations.

The IRIS consortium, consisting of 19 organizations from nine

countries, includes industrial companies, research laboratories,

government organizations, universities and power producers. The IRIS

design philosophy is represented by three words: simplicity, economy,

and safety. In addition to electricity production, IRIS is designed for

co-generation, district heating and biofuels production using

low-pressure steam, and can also be coupled with a desalination plant

to produce fresh or potable water.

Maire Tecnimont’s involvement relates to the so-called Balance of

Plant (BOP) of the reactor. IRIS’s main features include its very small

emergency planning zone and its simpler, cheaper design, which

compensates for lower economies of scale. Furthermore, there can be

financial advantages in installing several small reactors of the IRIS

type instead of one big reactor of similar capacity - the so-called

economy of multiples. The Design Certification Review should be

completed in the next three years and the first reactor built by 2017.

High Technology in the Natural Gas ChainMaire Tecnimont Group, through its Paris-based subsidiary Sofregaz,

is a recognised worldwide player in the natural gas market. Sofregaz

provides specialist services covering the full chain from field

gathering, treatment, transportation and underground storage to

liquefaction and regasification. Sofregaz has developed expertise to

provide the best technological solutions to clients’ demands. Its

portfolio includes a unique design capability for LNG regasification

equipment, including boil-off gas recondensers, patented

technologies for gas dehydration and air cooling of gas turbines.

Sofregaz is currently working on a number of projects worldwide,

including a syngas purification unit, a biomass-to-liquid (BTL) unit,

CO2 capture, and the recovery of gas that is currently flared.

2 Sofregaz is member of the Club CO2, formed in 2002 on the initiative of ADEME (Agence de l’Environnementet de la Maitrise de l’Energie) with the support of IFP (Institut Français du Pétrole) and BRGM (Bureau deRecherches Géologiques et Minières). It represents a key element in the organization of French researchinto CO2 capture and storage.

CARBON CAPTURE AND STORAGE

36 37

Advanced Technological Innovation in Transportation SystemsMaire Tecnimont plays a major role in the design and construction

of transport systems, including railways, and in particular Italian

high-speed lines, underground railways, highways, motorways

and tunnels. The Company provides a combination of high-

technology and environmentally sustainable mass transportation

systems, with a full set of services ranging from environmental

impact assessments and other permitting activities to the

efficient management and coordination of specialist expertise.

Maire Tecnimont is committed to technological innovation in

Transportation System Infrastructure. The Group applies the

most advanced telecommunication and information technology

network systems to this sector, which leads to enhanced levels of

efficiency and passenger safety.

In 2001 the Tecnimont engineering department developed the

Communications Network for an Integrated Urban Transport

System, which was subsequently installed on the Turin automatic

subway. It consists of a fibre optics network using TCP/IP over

Ethernet to convey data, voice, high-quality audio and digital video

signals from underground stations to the control centre. It can

generally be used in any technologically advanced urban

transport system and represents the best telecommunications

solution in terms of flexibility, cost, and protocol and coding

algorithms standardization.

The Group is constantly searching for the most suitable partners and

suppliers in order to obtain the best system architecture by

integrating the electrical, traction, automation, telecommunications,

signalling and mechanical systems. We are currently evaluating

international partnerships and/or supply to complete our

technological package with the latest CBTC (Communication Based

Train Control) systems.

Technology

Nylon 6 Noy Italy

Nylon 6.6 Noy Italy

PET Noy Italy

Licensor Country

Technology

VAL System

Siemens Transportation

System SA to Transfima

GEIE (a Tecnimont - Siemens

TS SA company)

Italy (Turin)

Licensor Country

Main Licensors - Infrastructure

Patent no. IT 0001352181

Communication network for an

integrated urban transport system and

urban transport system using such a

communications network

Tecnimont

Infrastructure Technologies Owned by Maire Tecnimont Group

Chemical and Petrochemical Technologies Owned by Maire Tecnimont Group

38 39

Technology

Polypropylene

Basell Poliolefine

ChevronPhillips

Borealis

Italy

USA

Austria

LLDPE/HDPE

Borealis

Basell Poliolefine

Sumitomo

Austria

Italy

Japan

LDPEExxonMobil

Basell Polyolefine

USA

Germany

HDPE

ChevronPhillips

Mitsui Chemicals

Basell Polyolefine

USA

Japan

Germany

Polystyrene (EPS, HIPS, GPPS) Polimeri Europa Italy

ABS Polimeri Europa Italy

ESBR, SBS, SB, LCBR Rubbers Polimeri Europa Italy

Steam cracking (for ethylene,

propylene, etc)Shaw Stone & Webster USA

Ethylene oxide and ethylene glycolsScientific Design

Shell

USA

The Netherlands

Acrylonitrile Ineos Nitriles USA

Purified terephthalic acid (PTA) Mitsubishi Chemicals Japan

Pyrolysis gasoline

Hydrotreating

Axens

UOP

France

USA

Butadiene extraction Nippon Zeon Japan

Dicyclopentadiene Axens France

Butene-1 from ethylene dimerization Axens France

Propane/isobutene

Dehydrogenation

Lummus

UOP

USA

USA

Acetone cyanohydrin & MMA Repsol Spain

Phenol/acetone UOP USA

LAB UOP USA

Ammonia Kellogg Brown & Root USA

Urea Stamicarbon The Netherlands

Urea granulation Uhde Fertilizer Technology The Netherlands

CO2 Capture Mitsubishi Heavy Industries Japan

Licensor Country

Main Licensors – Polymers, Chemicals & Petrochemicals

Patent no. FR0100651

Patent no. FR0309895Process to increase the capacity

and efficiency of gas facilities

using a gas turbine

Sofregaz

Process for gas drying and installation

for the implementation of

the said process

Sofregaz

Gas Technologies Owned by Maire Tecnimont Group

Technology

Topping/vacuumUOP

Axens

USA

France

FCC/RCCUOP

Axens

USA

France

Catalytic reformingUOP

Axens

USA

France

IsomerizationUOP

Axens

USA

France

Butene alkylationStratco-DuPont

UOP

USA

USA

Hydrotreating

Axens

UOP

AkzoNobel

Shell

France

USA

The Netherlands

The Netherlands

Visbreaking Axens France

Gas liquefactionGaz de France

Linde

France

Germany

Acid gas removal

UOP

BASF

Shell

USA

Germany

The Netherlands

Mercaptans removal UOP

Merichem

USA

USA

Sulphur recovery unit (Claus)

Jacobs

Lurgi

Shell

Sirtec Nigi

Worley Parsons

ExxonMobil

The Netherlands

Germany

The Netherlands

Italy

UK

USA

Delayed coker Lummus USA

Aromatics (BTX) extractionUOP

Axens

USA

France

Licensor Country

Main Licensors - Oil & Gas

CHEMICALS & PETROCHEMICALS

2008 will be remembered as a peak year for engineering and

construction in the cycle that started in 2005. The first six months

saw the completion of several large-scale projects, mainly in the

Middle East and Asia, which contributed to a significant growth in

world production capacity. The increasing oversupply was then

compounded by a downturn in the world economic cycle. Several

leading chemical producers found themselves in financial

difficulties. In a few cases, restructuring plans were announced and

new investments postponed. Even companies that were less

severely affected have delayed their investments in order to benefit

from the expected reduction in material costs.

Current expectations in the industry are for a period of

consolidation. However, the longer-term outlook indicates that

production will continue to migrate from areas such as North

America and Europe towards the Middle East and Asia, which have

lower production costs. Despite the economic difficulties, Maire

Tecnimont has maintained its market share and leadership position

in polyolefins, and we continue to see interesting new opportunities,

particularly in the Gulf Cooperation Council (GCC) countries.

The Group has also started to diversify into new business areas and

new markets. We have formed strategic alliances with important

technology providers in fertilizers, synthetic rubber/elastomers and

aromatics derivatives. In addition, new joint ventures with local

partners will facilitate access to the North African market, where

significant investments are planned in coming years.

40 41

7

42 43

Middle East and Mediterranean Area: Consolidated Leadership and New OpportunitiesThe Middle East and North Africa (MENA) is the world’s most

influential oil and gas region, accounting for two-thirds of the world’s

proven oil and about 45% of its proven natural gas reserves. Thanks to

new discoveries and the introduction of advanced exploration and

production techniques, the region's oil wealth has grown solidly for the

past two decades. The GCC countries have traditionally been the main

players in the region, but North African countries have grown in

prominence recently. Maire Tecnimont has been active in MENA since

the investment boom of the eighties. The Group’s presence has

increased significantly in the last few years and we have become a

leading engineering and construction player, especially in the

petrochemicals sector. Maire Tecnimont has won contracts worth

more than US$4.5 billion in the investment boom in Saudi Arabia, the

United Arab Emirates, Qatar, Kuwait and Bahrain. In 2008 Engineering

News-Record, the leading US journal for the E&C industry, ranked the

Group as the 10th largest engineering contractor in the Middle East.

Maire Tecnimont has also grown in stature and reputation in Egypt,

Libya, and other North African countries.

Maire Tecnimont is present in MENA with branch and representative

offices in Abu Dhabi (UAE), Kuwait, Qatar, Tehran (Iran), Tripoli

(Libya), and a wholly owned subsidiary, Tecnimont Arabia Ltd, in

Jeddah (Saudi Arabia). In 2008, more than 50% of Group revenues

came from this area. MENA is increasingly attracting investment

from leading international petrochemical producers because of its

abundant hydrocarbon resources and favourable geographical

position bridging East and West.

Rabigh, Kingdom of Saudi Arabia

At a cost of more than US$9 billion, the client is building one of the

world’s largest integrated refinery and petrochemical complexes at

Rabigh on the Red Sea, about 160 km from Jeddah. Our contract,

awarded in 2006, is for the construction of the polyolefins units. The

Petro Rabigh project marks the entry of Aramco into the

downstream petrochemicals industry, as well as the first large

investment by Sumitomo Chemical in Saudi Arabia.

The Tecnimont-led consortium completed the project and handed it

over to the client at the end of November 2008. For Tecnimont, it

was an important achievement because of its size and

diversification of technology, and also because of the business

relationships forged with two prestigious new clients, Aramco and

Sumitomo Chemical.

In November 2008, the jury named the Rabigh project the prize

winner at the 2008 International Project Management Association

(IPMA) International Project Excellence Award meeting in Rome.

Tasnee, Al Jubail, Kingdom of Saudi ArabiaThe client is setting up a large petrochemical complex costing

about US$2.4 billion at Al Jubail. In 2006 Tecnimont won a contract

for the construction of HDPE and LDPE plants with a total capacity

of 800,000 tonnes/year, the largest in the world to be based on the

LyondellBasell Hostalen and Lupotech T processes. The complex is

centred on a large ethylene plant supplied by another contractor.

Thanks to its experience in polymers, its excellent relationship

with LyondellBasell and its knowledge of the Saudi Arabian market,

Tecnimont was selected by Tasnee in a negotiated open-book,

cost-estimate approach, which was then converted into a lump-sum

contract. The HDPE plant was handed over to the client and

successfully started production in November 2008. The LDPE unit

began production in early 2009. The project was financed by a mix

of equity and loans. Credits were arranged by HSBC as the lead

bank, with the support of SACE, KEXIM and KEIC for export

guarantees and insurance-covered loans.

Borouge 2, Ruwais, Abu Dhabi, United Arab Emirates

The Borouge 2 project, awarded to Tecnimont in April 2007, calls

for the construction of three polyolefins units, together with

associated materials handling facilities, laboratories and marine

installations. One of the largest integrated petrochemical

complexes ever awarded on an EPC lump-sum basis, it is also the

largest contract in Tecnimont’s history. The project is on

schedule, with about 87% of the engineering completed by the

end of December 2008. Purchase orders placed covered about

85% of the equipment and materials, and approximately 50% of

the materials had already been delivered to the site. Ten million

man-hours had been spent on construction, which was 40%

complete at the end of 2008. The marine facilities were finished

on schedule and the whole project should be completed by the

second half of 2010. The excellent long-term relationship with

Borouge contributed greatly to the project’s success and will

further strengthen Maire Tecnimont’s hand in bidding for a large

new petrochemicals expansion (Borouge 3), contracts for which

will probably be announced in 2009/2010.

In December 2007 Borouge gave Tecnimont another contract,

worth approximately US$28 million, to expand the PE1 line it

installed in 2001. Key success factors here were Tecnimont’s

excellent performance in the Borouge 1 project, its successful

revamping of the PE2 line in 2004, and its ongoing performance in

the Borouge 2 expansion. The project was completed on schedule

in February 2009.

Contract type:Client:

Contractor:

Contract value:Capacity and technology:

EPC lump-sum

Petro Rabigh, a jv of Sumitomo

Chemical Co. (Japan) and Aramco

(Saudi Arabia)

A consortium of Tecnimont (leader) and

Sumitomo Chemical Engineering Co.

(Japan) for offshore activities; a

consortium of Tecnimont Arabia and

AICO (Saudi Arabia) for onshore

activities

US$1,200 million (Tecnimont share 60%)

two PP lines, each of 350,000

tonnes/year; 250,000 tonnes/year

EPPE; 350,000 tonnes/year LLDPE;

300,000 tonnes/year HDPE (all using

Sumitomo technology, with the

exception of a LyondellBasell

Hostalen HDPE unit); 50,000

tonnes/year of polymer-grade

butene-1 (Axens technology)

Contract type:Client:

Contractor:Contract value:Capacity and technology:

EPC lump-sum

Saudi Ethylene and Polyethylene

Company (SEPC) – a jv of Tasnee

Petrochemical (45.3%),

LyondellBasell (25%), Sahara Co.

(24.4%) and GOSI (5.3%)

Tecnimont

¤525 million

400,000 tonnes/year HDPE

(LyondellBasell Hostalen

technology); 400,000 tonnes/year

LDPE (LyondellBasell Lupotech T

technology)

Contract type:Client:

Contractor:Contract value:Capacity and technology:

EPC lump-sum

Borouge, a jv of Abu Dhabi National

Oil Co. and Borealis

Tecnimont

US$1,900 million

two PP lines, each of 400,000

tonnes/year; 540,000 tonnes/year PE

(Borealis Borstar technology for both

products)

44 45

Growing Opportunities in Egypt

Egypt and its 80 million people represent a promising internal market, growing at annual rate of

3-4%. Leveraging on the country’s large gas reserves, the Ministry of Petroleum is pursuing a 15-year

development plan aiming at increasing petrochemical production from the current 1.5 million

tonnes/year to 15 million tonnes/year, with a total investment of about ¤20 billion. The plan will be

implemented through Egas, EGPC and ECHEM, the government holding companies for natural gas, oil

and petrochemicals.

In February 2008, Tecnimont signed an agreement with the Egyptian Petrochemicals Holding

Company (ECHEM) to form a new company incorporated in Egypt to provide engineering and

management services for the construction of industrial plants in Egypt and neighbouring countries.

The new company is jointly owned by Tecnimont, ECHEM and the Egyptian Petroleum Projects &

Technical Consultation Co. (PETROJET).

Later in the year Tecnimont signed a further contract with Egypt’s state-owned Engineering for the

Petroleum & Process Industries (Enppi) to provide PMC (Project Management Contractor) services for

a 200,000 tonnes/year polystyrene plant at Alexandria. The services will be provided on a reimbursable

basis. These initiatives are part of a wider effort to strengthen the Group’s presence in North Africa in

the oil, gas and petrochemical industries.

Long-Standing Presence in the Russian FederationMaire Tecnimont has been present in Russia and countries of the former Soviet Union for more than

70 years. The cooperation dates back to the 1930s, when Montecatini was active in technology transfer

and fertilizer plant construction. The first permanent representative office was opened in Moscow at

the beginning of the 1960s. Since then, the Group has supplied plants for basic chemicals,

intermediates, and fine chemicals and in recent decades has also been active in petrochemicals,

power and infrastructure.

To date, the Group has completed 50 projects worth about US$2 billion in the former Soviet Union. In

2007 it founded a subsidiary in Moscow to provide engineering services for this market and is currently

building five plants, worth about ¤700 million, in various parts of the Russian Federation - Tatarstan,

Bashkiria, western Siberia and the Arctic region. Clients include national oil ministries, public utilities

and private investors. We believe there is great potential in the Russian market because of its large

energy reserves and the need to make local plants compliant with European Union regulations.

Europe: Engineering Capabilities and Selected ProjectsInvestment in chemicals and petrochemicals is increasingly turning away from

the mature markets of Europe and North America towards hydrocarbon-rich

emerging countries. However, Europe still has a strategic role in the

development of selected projects, partly as a result of its excellent historical

tradition in E&C services. Maire Tecnimont’s European engineering centres

represent a major portion of its international E&C network, and provide

multi-disciplinary services to all its business units, especially in chemicals and

petrochemicals. Maire Tecnimont is currently working on several projects for

prominent clients in central Europe, both in the traditional petrochemicals

sector and in new chemical technologies linked to green energy production.

Statement by Pal Theie, Vice-President, Projects &Technical Support, Borealis“Today Maire Tecnimont is among our most important contractors, engaged

with the construction of our new LDPE plant in Sweden and our three new

Borstar plants in Borouge 2, the expansion of our joint venture in Abu Dhabi.

Maire Tecnimont thereby continues to expand the high number of polyolefins

plants realized by utilizing our advanced technologies worldwide, in UAE,

Austria, Belgium, Finland, Sweden and China. The LD5 plant in Sweden will

be the world’s largest plant for producing polyethylene resin for the Wire &

Cable industry, and is the largest polyolefins project in Europe to date.

The decision of contracting Maire Tecnimont the multi billion petrochemical

project Borouge 2 in Abu Dhabi - UAE has strengthened our business

relationships based on a long-lasting contractor-client loyalty. Our relationship

dates back to 1962, based on a strong collaboration with the then engineering

centre of Montecatini, reputed for its high capabilities thanks to the heritage

left by Professor Giulio Natta, Nobel prize winner in 1954. Borouge 2 is the

most important project to date using our advanced technology "Borstar". The

Borstar technology - state-of-the-art multi modal proprietary technology for

PE and PP - is the core ingredient of Borealis and Borouge value creation

through innovation strategy in Europe and Middle East. With Borouge 2, we

intend to satisfy the boosting demand of polyolefins products in the world."

Bratislava, Slovak Republic

In September 2008, Slovnaft Petrochemicals sro, a member of the

MOL Group and one of the largest players in the European polyolefins

market, awarded Tecnimont a contract for the basic design

engineering package for a 220,000 tonnes/year low density

polyethylene plant. The project is part of the Slovnaft Petrochemicals’

development plan in Bratislava. It was Tecnimont’s first contract in

the Slovak Republic. The LDPE–4 project in Bratislava will be

developed on open-book basis, including the provision of license and

services for the development of the complete basic engineering

design package and total investment cost estimation, for further

conversion into a lump-sum, turnkey contract. The plant, based on

the state-of-the-art LyondellBasell Lupotech T tubular high-pressure

process, will be completed in 2012. The contract confirms

Tecnimont’s excellent relationship with the MOL Group, for which it

has already built two polypropylene plants in Hungary.

Oil or Gas

WELL

UPSTREAM MIDSTREAM DOWNSTREAM

Gas OilSeparation

Plant

GPL

GOSP GAS

OIL

Sepa

rati

on

GasTreatment

Frac

tion

atio

nTo

ppin

g

Vacu

umOilRefining

FCC

Asphalts

Fuels

Fuels

Gasoline

Steam Cracking

GasolineAromatics

Petrochemicalsother products

Liquefaction

Pipelines

Petrochemicalsother products

Sulphurrecovery

GPL, Diesel andLubrificants

Ethane

Methane

C5 Penthane

Naphtha

Kerosene

C3/C4 GPL

Automotive

Wires &Cables

Packaging

Rubber &Plastics

Petrochemicalspolyolefins

Petrochemicalspolyolefins

MAIRETECNIMONT

30% MARKETSHARE

Diesel Oil

Propylene

Ethylene

Münchsmünster, Germany

The contract is to design, supply and build a new HDPE plant at the

Münchsmünster Industriepark in Bavaria. LyondellBasell is a

historic and strategic partner of Tecnimont and the worldwide

leader in polypropylene production and polyolefins technology. The

plant will replace a former PE unit at the site that has been shut

down after many years of operation. The new HDPE plant will have

a larger capacity than the old unit and use the best available

technology. The LyondellBasell Hostalen process will produce

higher throughputs of PE and an important variety of polymer

grades. The project is based on Tecnimont's experience in the

construction of the HDPE plant at Plock, Poland, for the Basell joint

venture with PKN Orlen several years ago. That project is being

used as a reference for the new design. The history of the industrial

area of Münchsmünster and the interface with local authorities,

together with stringent European, German and Bavarian

environmental regulations, make this a significant project in terms

of plant design. Engineering and procurement activities were

virtually completed in 2008. The project is nearing the end of

the construction phase before entering pre-commissioning. The

hand-over to the client is expected to be in the last quarter of 2009. Silfab: Serving the Photovoltaics Industry

In February 2008, the Padua-based Silfab awarded Maire Tecnimont a contract for basic engineering

design services (FEED), main equipment procurement, permitting services and other support activities

for a new added value manufacturing plant. Silfab is a new company formed by entrepreneurs active for

more than 25 years in the photovoltaics industry. The overall investment will exceed ¤400 million and

Silfab plans to proceed with EPC activities in 2009. This contract represents Maire Tecnimont’s first entry

into photovoltaics, which we believe to have great potential, along with other areas of renewable energy.

The Group’s multi-business competences in the chemical and civil/industrial sectors will enable it to

offer the highest quality standards in industrial projects in other areas of advanced technology.

Venezuela: Strategic Opportunities in South AmericaTecnimont entered the Venezuelan market in 2008. Polinter, a subsidiary of the state-owned

Petroquímica de Venezuela SA (Pequiven), gave it a ¤90 million contract for the provision of basic

engineering design services and the procurement of long lead items for a 300,000 tonnes/year low

density polyethylene (LDPE) plant. The unit, based on LyondellBasell Lupotech T technology, will

form part of the El Tablazo (Zulia) petrochemical complex. Lupotech T is the world’s leading LDPE

technology, for which Tecnimont, thanks to its German engineering centre at Salzgitter, is the

preferred contractor. Part of the Olefinas Tercera y Polietilenos El Tablazo complex, the plant

forms part of the Indipendencia project, which will start up by 2011, the bicentenary of Venezuelan

independence. Some months later, Tecnimont signed a contract with Propilsur, a joint venture of

Braskem Pequiven, Petroquimica de Venezuela and Sojitz, for the provision of basic engineering

design services for the construction of a polypropylene plant at Jose, Venezuela. Both Venezuelan

projects are expected to be converted into EPC turnkey contracts.

In December 2008, Tecnimont signed a contract for front-end engineering design (FEED) and cost

estimates for new fertilizer plants - two 1,850 tonnes/day ammonia and two 2,200 tonnes/day urea

units - to be built at the Jose complex.

Contract type:Client:Contractor:Contract value:Capacity and technology:

EPC lump-sum

LyondellBasell

Tecnimont

¤200 million

320,000 tonnes/year HDPE

(LyondellBasell Hostalen technology)

46 47

THE HYDROCARBON PROCESS CHAIN

OIL & GAS

Tecnimont has developed considerable expertise and numerous

references in the oil & gas sector. Its French subsidiary Sofregaz is

recognized as a leading worldwide provider of services throughout

the entire natural gas chain. Tecnimont’s workload in recent years

has included LNG regasification terminals, aromatics complexes,

natural gas treatment plants and refinery units. In 2008 Maire

Tecnimont continued its repositioning in this expanding market

through commercial activities such as market development and

bidding as well as executing projects.

The Group continued to work on large EPC projects and on

engineering design and project management services for re-

gasification terminals, the latter being carried out by Sofregaz.

During the year Maire Tecnimont strengthened its position in the

LNG regasification market by winning five major service contracts,

and also by being selected as EPC contractor for the Wilhelmshaven

LNG terminal for DFTG of Germany. The last project, however, was

then shelved by the client.

Maire Tecnimont’s leading position in CO2 capture and storage was

further strengthened by new FEED and tendering activities in 2008.

We continued to work in Iran by providing specialist engineering

services to natural gas treatment plants.

Europe and Natural Gas: a Strategic ChallengeNatural gas is the world’s largest source of energy after oil and coal,

and is the cleanest of the fossil fuels. For these reasons it will

continue to play a strategic role in the global energy mix. According

to the International Energy Agency, world demand for natural gas

will increase by 52% to 4.4 trillion cubic metres by 2030. Market

development is influenced by the proximity of reserves to areas of

demand. In this respect, Europe occupies a central position,

surrounded by the major gas-exporting countries of Russia,

Eurasia, the Middle East and North Africa.

The success of the European Union’s energy policies depends on the

development of a modern natural gas infrastructure to enable

European countries to diversify their sources and means of supply.

48 49

8

50 51

New Gas Contracts and Projects Under Executionin EuropeMaire Tecnimont and Sofregaz continue to contribute to the

development of the pan-European natural gas infrastructure. In

2008 the Group undertook new projects in gas storage and front-end

engineering design and project management services for LNG

terminals, whilst continuing the construction of one of Europe’s

most important regasification terminals.

New Gas Storage Project in Poland

Tecnimont is part of a consortium executing a lump-sum turnkey

contract to develop a 1.2 billion cubic metres underground storage

facility at Wierzchowice for the state-owned Polish oil and gas

company (PGNiG). The consortium, led by the Polish company PBG,

includes Tecnimont and other two Czech companies.

Work started in November 2008 and is focused on the design,

procurement and construction of surface facilities. The entire project

will be completed within 36 months, by November 2011. Sofregaz

performed the first feasibility studies on the use of the depleted gas

fields in Wierzchowice for natural gas storage in the 1990s.

Natural Gasliquefaction

TransportationGas gathering& treatment

LNG storage andregasification

Transmission andcompression

Users

Underground gas storage

Engineering Services and EPC Projects in Europe

In 2008 Maire Tecnimont’s expertise in natural gas was confirmed

by the award of several contracts for studies, front-end engineering

design and project management services for the construction of

LNG receiving terminals in Europe.

Sofregaz won a contract from Electricité de France (EDF) for front-

end engineering design and project management consulting for a

new 10 billion cubic metres/year LNG receiving terminal at

Dunkerque. The work has an estimated value of ¤26 million and

consists of three phases. It should be completed by 2015.

In Panigaglia, Italy, Sofregaz is performing front-end engineering

design and project management consulting services for the

expansion of GNL Italia’s existing LNG terminal from 3.5 billion

cubic metres to 8 million cubic metres capacity. GNL Italia, part of

the Eni Group, operates the only LNG regasification facility in Italy.

In 2008 construction continued on a second LNG terminal for

Société du Terminal Méthanier de Fos Cavaou at Fos-sur-Mer, near

Marseilles, in southern France. The engineering, procurement and

construction contract covering the design, materials supply and

realization of the terminal was awarded in 2004 to a joint venture of

Tecnimont, Sofregaz and Saipem. The new terminal will have a

capacity of 6.5 billion cubic metres/year and includes three 110,000

cubic metre storage tanks.

THE NATURAL GAS CHAIN

Far East: Developing FEED Projects for LNG Terminals

East Asia is one of the most important markets for Sofregaz, which

is developing technical supervision and commissioning services for

LNG terminals in Dalian and Jiangsu, China. The client is Huangjiu

Contracting and Engineering Corp, part of the Petrochina Group.

Sofregaz is developing for Guangdong Dapeng LNG the front-end

engineering design for an expansion of the existing LNG terminal at

Guangdong through the installation of a fourth LNG tank and

associated facilities. Tecnimont completed China’s first LNG

receiving terminal at Guangdong in 2006.

In 2008, WorleyParsons awarded Sofregaz a contract for

consultancy services related to the Australian company’s provision

of the front-end engineering design for an LNG regasification

project in Singapore. The ultimate client is PowerGas Ltd, a

subsidiary of Singapore Power Co.

Maire Tecnimont Presence in Oil&Gas in Middle and Far East

Kuwait: Completing the Major Aromatics Project Accident-FreeIn February 2006, Kuwait Paraxylene Production Company (KPPC)

awarded the TSK consortium a lump-sum turnkey contract for the

construction of the first aromatics complex in Kuwait. The TSK

consortium was formed by Tecnimont and the Korean company,

SK Engineering and Construction. The complex, which will

produce paraxylene and benzene, is being built on a greenfield

site at Shuaiba, and is fully integrated into the larger EQUATE

project. Tecnimont is in charge of design, procurement and

erection, as well as pre-commissioning and commissioning

services. The complex uses environmentally friendly technology

to guarantee maximum safety, security and product quality. HSE

has been a top priority at all stages of the project’s history. The

consortium has trained more than 50,000 workers in basic and

higher HSE issues. As a result, Tecnimont has recorded 20 million

working hours without lost-time injury.

52 53

POWER

54 55

9The general economic slowdown in 2008 clearly impacted the

overall volume of investments in the energy sector, although in a

more contained manner than in other markets. In fact, the

continued economic development of the BRIC and Latin American

countries sustained the demand for traditional gas- and coal-fired

power plants. Renewable energy projects were spurred on by the

high price of oil in the early part of the year, but were decelerated or

deferred in the second half. Following the merger with Maire

Engineering, Tecnimont aims to maintain its high profile and high

market share in the traditional energy sector, as well as expanding

its interests in new fields such as supercritical plants and

renewable energy. Maire Tecnimont’s most significant projects are

being implemented in Latin America and Eastern Europe, while an

important “green” power project is under way in Italy.

The Growing Power Market in Latin AmericaLatin American electricity and infrastructure markets have been a

magnet for international investors for many years. This is due to

improvements in the regulatory climate, the availability of new

technologies and the strong infrastructural development in many

countries. Brazil, the largest South American country, has seen

particularly strong growth. With more than 190 million people, the

country is one of the founder members of the BRIC club, together

with Russia and the Asian giants, China and India. In 2007 the Lula

government launched a programme to increase GDP growth to 5%

annually by improving employment and living conditions.

Investment in infrastructure and energy plays a major role. Brazil

is particularly well placed, thanks to its major conventional

hydrocarbon resources as well as its strategic position in ethanol

and biodiesel. The government has introduced several regulatory

reforms to encourage public and private investment in transport

and energy, which have stimulated a huge inflow of foreign direct

investment in recent years.

56 57

Large EPC Power Projects in Latin America: the Chile ExperienceThe Group’s presence in Latin America dates back to the early

1970s and the formation of Maire Engineering do Brasil.

Leveraging on its track record in power plants and large

petrochemical projects, Maire Tecnimont has been progressively

asserting its role as one of the region’s leading providers in power

generation. A Tecnimont-led consortium is building two 370 MW

coal-fired power stations in the Puerto Coronel area of Chile,

approximately 500 km south of the capital Santiago. The

contracts, with Colbun SA (Matte group) and Endesa Chile, have a

total value of more than US$1,080 million. Tecnimont’s share is

about 75%. In both projects Tecnimont is in charge of the design,

supply, assembly and commissioning of the whole plant,

including the steam turbines supplied by General Electric and the

boilers supplied by the Slovak partner SES. The two projects

should be completed by the end of 2010 or early 2011. They are

extremely important for Chile and will make a major contribution

to alleviating the electricity shortages that plunge the country into

a serious crisis every year.

Serving the Brazilian Electricity Market:New Thermoelectric Mega-Projects 2008 was a very successful year for Tecnimont in Brazil. In January,

the Company was awarded mega-contracts worth approximately

¤1.1 billion for the construction of two power stations with a

combined capacity of 1,080 MW in the northeast of the country. They

will be built on a lump-sum turnkey basis. At the time of the award,

Tecnimont owned 65% of the special-purpose company, Mabe

Construção e Administração de Projetos Ltda (MABE), set up with

other Brazilian partners to handle the contracts. Its share in MABE

has subsequently increased to 73.5%.

The first project is for a 360 MW coal-fired power station to be built

near the port of Itaqui, in the state of Maranhao. The client is UTE

Porto do Itaqui Geração de Energia SA, a company owned by MPX

(EBX group), a major Brazilian private player operating mainly in the

mining sector. The value of the multicurrency contract was about

¤380 million at the time of award. The power station will be in

operation in 44 months.

The second project is for a coal-fired power station with a capacity

of 720 MW in two lines, to be built near the port of Pecem, in Cearà

state. The client is Porto do Pecem Geração de Energia SA, equally

owned by MPX and by the Portuguese national utility EDP through

its subsidiary, Energias do Brasil. The value of the multicurrency

contract at the time of award was about ¤700 million. The power

station will be in operation in 47 months.

Both plants will be designed to comply with stringent environmental standards, higher than required by

current Brazilian regulations.

Several months later, in October 2008, Tecnimont signed a further contract with MPX Pecem II Geração

de Energia SA, a company wholly owned by MPX, for the provision of EPC services for a third coal-fired

365 MW line at Pecém. Work on Pecém II will be integrated with the earlier Pecém and Itaqui projects and

will therefore benefit from significant time, cost and risk management optimization. The project value at

the time of award was about ¤350 million.

The Tecnimont-led consortium MABE, as EPC contractor on the two projects, has also signed contracts

to supply flue gas desulphurization (FGD) and dedusting systems to the Pecem and Itaqui power stations.

One FGD system will be installed at Itaqui and two more at Pecem. Komline-Sanderson of the US will

provide semi-dry technology for FGD. Enfil SA, Brazil, will provide the baghouse filters for the dedusting

system. The total value of the contracts is ¤80 million, of which Tecnimont’s share is around ¤59 million.

Name

Contracttype

EPC EPC

CurrentValue/

Current MT share

¤412 million /

¤302 million

¤386 million /

¤281 million

Itaqui

EPC

¤764 million /

¤562 million

Pecem IPecem II

3rd Line

EPC

¤80 million (*) /

¤59 million (*)

Client

UTE Porto do Itaqui

Geração de Energia SA

(owned by

MPX-EBX Group)

MPX Pecem II Geração

de Energia SA

(owned by

MPX-EBX Group)

Porto do Pecem Geração

de Energia SA

(owned 50% by

MPX and EDP)

UTE Porto do Itaqui Geração

de Energia SA in Itaqui and

Porto do Pecem Geração de

Energia SA in Pecem

Capacity 360 MW 365 MW720 MW

(in two 360 MW lines)NA

Partners The MABE consortium (Tecnimont as leader with EFACEC, Portugal)

Emission Abatement

Systems

Recent Power Projects in Brazil

(*) FGD contract price included in current values of Itaqui and Pecem projects.

58 59

Valona Power Plant

In 2007 Tecnimont beat other major international

bidders to win the contract for the construction of a

gas turbine combined-cycle (GTCC) power plant at

Valona, southern Albania. The agreement is in two

parts: a ¤92 million contract for engineering,

procurement and construction, and a ¤23 million

contract for long-term gas turbine maintenance

service. Around 90% of the EPC project is being funded

by the World Bank, the EBRD and the EIB. KESH is

responsible for the remaining 10%. The project, due to

be completed in September 2009, consists of a 100 MW

GTCC at ISO conditions, with emission limits in line

with the most stringent regulations thanks to the use

of the most advanced technologies.

The Valona plant is designed to be self-sufficient. It will

be equipped with its own sea terminal and pumping

station to receive deliveries of diesel oil and sufficient

tank storage for diesel oil to ensure operation of the

plant for over 30 days. It will also have its own sea water

cooling system and reverse osmosis desalination plant,

coupled with a continuous plant producing dimineralized

water to feed the heat recovery steam generator.

The plant will be able to satisfy the electricity demand of

a town of about 250,000 inhabitants. It is Albania’s first

big project in the power sector for 20 years and

represents the first major attempt to alleviate the

country’s shortage of energy. It will also help diversify

the country’s source of electricity, which now comes

only from hydropower. The project contributes

significantly to the local labour market. It will represent

a total of approximately 1.5 million working hours, of

which more than 900,000 hours will be attributable to

Albanian companies.

Contract type:Client:

Contractor:Contract value:Capacity:

EPC

Albanian Electric Energy

Government Authority (KESH)

Tecnimont

¤115 million

100 MW GTCC

Energy for Albania Albania is a country in transition from a centrally planned to a market-based economy. This poses

major challenges as well as providing new opportunities. Two key factors favouring social and

economic development are the availability of electricity and the diversification of energy supply.

Albania has seen rapid growth in demand for electricity, which has brought an increasing dependence

on imports. Sustainability of electricity supply is becoming an increasingly sensitive issue for the

country, and a programme to reform and improve the performance of the energy sector and open the

market is being implemented. The Valona power plant, supported by the World Bank, European Bank

for Reconstruction and Development (EBRD) and European Investment Bank (EIB), is a cornerstone of

the new policy.

Local biomassprovider

5,000 ha 180,000 tonnes biomass poplar

Production18 MW

70 km

Towards one of the Largest Biomass Power Stations:Contributing to the Green Energy Sector in Italy As part of the Maire Tecnimont’s increasing focus on renewable

energy, the Group is promoting a biomass power station at

Olevano Lomellina (Pavia, Italy). Construction will start in June

2009 and the project should be completed by mid-2011. The

power plant, with an installed capacity of about 18 MW, will be

built by Tecnimont as general contractor. The investment is about

¤75 million. Maire Tecnimont will form a special-purpose company

to manage the plant in association with local biomass providers,

who have guaranteed its entire lifetime raw materials supply.

The project is the first example of this magnitude of real integration

between the agriculture and power sectors in Italy, in line with the

local supply chain (“filiera corta”) requirements of the Ministry of

Agricultural, Food and Forest Politics. This approach offers

farmers the long-term prospect of a new and dependable source of

income from traditional farming. Significant benefits are also

foreseen in terms of employment and the development of local

services. Local residents will benefit from new urbanization works,

discounts on electric tariffs, and so on.

The power station will produce about 140,000 MWh per year,

sufficient for a town of about 40,000 inhabitants. It will have

virtually zero environmental impact and no CO2 emissions. A

traditional coal-fired power plant of this size would emit more

than 100,000 tonnes/year of CO2.

BIOMASS SHORT CHAIN

60 61

10

INFRASTRUCTURE &CIVIL ENGINEERING

Infrastructural investment in Italy, where the Group’s activities are

concentrated, remained at the same low level as in past years in 2008,

held back by public financing constraints as well the legislative and

administrative complexity that characterizes large-scale public works.

Demand for engineering and construction services in the transport

sector (for high-speed trains, above-ground and underground

railways) showed little change, although several initiatives by Italferr,

the engineering subsidiary of Italian Railways, and Anas, the national

highways authority, have been announced, and will be developed

during 2009.

Substantial growth in infrastructural investment is expected from

2009 onwards, due to the programmes under way in many countries,

including Italy, to stimulate the world economy.

Maire Tecnimont is focusing its new marketing efforts on those areas

of the world in which it is well-placed to win new business, notably

Eastern Europe, North Africa and South America. The Group already

has an established reputation in these areas because of the work

successfully carried out by its other business units. It also has

subsidiaries or representative offices in many of the countries.

Turin: Past, Present, and FutureTurin, with an area of 130 sq. km and a population of 902,000, is one of the most promising

and innovative Italian cities. Maire Tecnimont has deep roots in the city, which is now the

location of one of its main engineering centres, specializing in the design and construction

of infrastructure, power plants and civil and industrial buildings. The centre dates back to

1937 and the foundation of Fiat’s Construction and Plant Division. It was then incorporated

as Fiat Engineering SpA in 1972, and in 2004 was acquired by the Maire Group, becoming

Maire Engineering. Finally, in October 2008 it was merged into Tecnimont.

Thanks to its long-standing presence in the city, Maire Tecnimont has played an important

part in Turin’s development in recent years.

In 1995 the city began a complex economic recovery and urban development programme

that included infrastructural improvements, new transport systems, brownfield recovery,

restoration of the historical centre, and upgrade of the suburbs. Maire Tecnimont has been

actively engaged in this programme and, in particular, in work carried out for the 2006

Winter Olympics. Examples of the latter include the Palavela stadium used for skating

races, built in the record time of less than 14 months, and the Olympic Village, which

comprised three residential units housing 2,500 athletes and their families with gymnasia

and service facilities. In complex civil buildings, Maire Tecnimont has been involved in the

design of Turin University’s Faculty of Law and Political Sciences. The new layout,

developed by Maire Engineering in collaboration with the architect Norman Foster, is

characterized by flexibility and is capable of responding to the university’s future growth

and transformation.

Maire Tecnimont’s main contribution to Turin development currently is in the

implementation of a state-of-the-art mass transport system.

62 63

Turin Metro – Line1 (First Part)

Tecnimont built Italy’s first completely automated (driverless, VAL

technology) underground mass transportation system in Turin. The

project was awarded to the Tecnimont-led Transfima consortium in

2000 and completed in 2007. The VAL (automated light vehicle)

technology provides many benefits to passenger comfort and safety:

optimization of train transit frequency, lowering of vehicle

vibrations, and innovative platform door systems. Finally, the lower-

diameter tunnels meant that the delivery time of the project was

shortened and construction-related problems and inconvenience

for the city were reduced.

Turin Metro – Line1 (Extensions)

In December 2006, Tecnimont signed a contract for 3.1 km extension

of the Turin Metro Line 1. The new route from Marconi to Lingotto

includes six stations (Marconi, Nizza, Dante, Carducci/Molinette,

Spezia and Lingotto), five intermediate pits, a 2.9 km double-track

tunnel with 7.5 metres diameter EPB TBM, and further auxiliary

facilities. The work poses considerable technical difficulties because

of the need to minimize the impact of the construction sites. The line

extension crosses the centre of Turin, where the traffic level is high

and urban activities are concentrated. As consortium leader,

Tecnimont is in charge of procurement, design and construction,

including environmental studies and compliance with health and safety

regulations. By the end of 2008, 62% of the work had been completed.

The whole contract, worth about ¤100 million, will be finished by 2010.

A further extension of the Metro Line 1 from Lingotto to Bengasi,

based on the same VAL technology, should be approved by the city

authorities soon. Under an outline agreement Transfima would handle

system engineering, technology procurement, and construction

supervision. The consortium has also developed a preliminary design

for a western extension of Line 1, from Collegno to Cascine Vica.

TURIN METRO CONSTRUCTION SYSTEM

Station roomexcavation

Diaphgramsexcavation

Diaphgramsexcavation

of the 2nd station

Finishing of the works

of the 1st station

Tunnelexcavation

by TBM

Tunnelexcavation

by TBM

Completionworksof the

1st station

Diaphgramsexcavation

of the3rd station

Tunnellining

between1st and 2nd

station

Subway Operation

Client:Contractor:

Contract value:Length:

GTT SpA

Tecnimont and

Siemens Transportation Systems

(the Transfima Consortium)

¤100 million (Tecnimont share 51%)

14 km (Fermi-Porta Nuova station)

SERVING URBAN DEVELOPMENT IN LARGE ITALIAN CITIES

64 65

Rome: Past, Present, and FutureMaire Tecnimont has been present in Rome since 1983, when the original Maire

companies were founded. The Group now has its legal and administrative headquarters

in Italy’s capital city, sharing office space with the engineering task force working on

mass transport systems, and with the wholly owned subsidiary MST, a leading player in

public-sector facility management. Maire has completed a number of important

projects in the Rome area in recent years, including civil and industrial buildings,

cultural heritage restoration projects, and urban development programmes. The most

prominent was the construction of the new Ara Pacis Museum designed by the architect

Richard Meyer in the centre of Rome, which is built around the imperial Roman altar

dedicated to peace. Maire Tecnimont’s activities in the city are currently focused on

mass transportation systems.

Excellence in High-Speed RailwaysMaire Tecnimont has been involved with high-speed railways for

many years and has developed considerable experience and

expertise. The Group is part of the CAVET and CAVTOMI consortia

taking part to the construction of two of the most important

Italian high-speed lines from Turin to Milan and from Florence to

Bologna. TAV, the subsidiary of Italian State Railways responsible

for high-speed development, has entrusted the two consortia with

the preliminary, final and detailed design, environmental impact

assessment, environmental monitoring services, and related

construction works for the two lines.

The Turin-Milan line will have a length of 125 km, and includes

four interconnections with existing lines, 150 km of ordinary

roads and motorways and 16 motorway junctions. The first part of

the line, from Turin to Novara, is already in operation.

Tecnimont’s share of the entire project was worth about ¤380

million at the contract date.

The 78 km Bologna-Florence railway line has one interconnection

with existing lines, 73.4 km of tunnels and 110 km of ordinary

roads. The project is technologically complex, with over 90% of

the line being laid in tunnels under the Apennine Mountains. The

consortium has had to overcome many technical problems,

including the excavation of tunnels in poor and variable terrain.

The mountainous nature of the Apennine region has also made it

necessary to carry out large-scale landscaping and other

infrastructural work. The line will enter into operation by the end

of 2009. Tecnimont’s share of the project was about ¤490 million

at the contract date.

Tecnimont has also developed the preliminary and final design and

environmental impact assessment for the civil works and railway

superstructure for the long-awaited Milan-Genoa high-speed

railway. The Company is part of the COCIV consortium that will

handle design and construction. The project will consist of 54 km of

double-track line, of which 37 km will be in tunnels. The Italian

government decided recently to push ahead with this long-delayed

project because of its strategic importance for the national economy.

Metro Rome – B1 Line

The B1 Line project, started in 2005, involves the detailed

design and construction of a Metro line that is completely

underground. Three stations are being constructed:

Annibaliano, Gondar, and Conca d’Oro, one of which is 36

metres below the surface. The tunnel boring machine

(TBM) earth pressure balance (EPB) excavation

technology used in the project permits a significant

reduction of overlying soils of low mechanical

performance and high water content in areas of

significant historical and architectural interest. The work

will be completed by 2011.

In 2008 Tecnimont started to extend the B1 line by 1,100

metres from Conca d’Oro to the next station, Piazzale

Ionio. The project involves the construction of three car

parks near the stations. The value of the project is about

¤160 million, of which Tecnimont’s share is 16%.

Client:

Contractor:Contract value:Lenght:

Comune di Roma and

Roma Metropolitane

Tecnimont and others

¤360 million (Tecnimont share 15%)

3.6 km

66 67

Lamezia Terme-Catanzaro Railway

As consortium leader, Tecnimont carried out detailed design and

construction of the new railway line linking Settingiano and

Catanzaro Lido in Calabria. The contract included the design and

construction of the railway superstructure along the line and inside

the stations, and all technological equipment required for its

operation. The latest techniques were used for the tunnel, in

particular tunnel boring machine (TBM) earth pressure balance

(EPB) technology. This enabled the tunnel to be dug at an average of

16 metres/day, with a peak rate of 37 metres/day. The project was

part of a wider urban recovery programme for the socio-economic

development of the area. Particular attention was given to an

integrated quality/environment/safety management system. The

line was put into operation in June 2008.

Salerno-Reggio Calabria Highway

Tecnimont is part of a consortium selected in October 2008 as

the preliminary winner of a tender to act as general contractor

for the modernization and upgrading of about 20 km of the

Salerno-Reggio Calabria A3 Highway, in Cosenza province. The

client is the national highways authority Anas. The contract

foresees detailed design, construction management and

realization of the works, as well as environmental monitoring

and safety coordination, both in the design and in execution

phases. The value of the project is around ¤400 million, of which

Maire Tecnimont’s share will be around ¤200 million. The

project includes the construction of eight viaducts and nine

tunnels, together with the enlargement of the Viadotto Italia

across the Lao river valley, which at 259 metres is the highest

Italian highway bridge.

Connecting Southern ItalyHistorically southern Italy suffers from the lack of an efficient,

modern transport infrastructure. Major public investment

programmes are under way to remedy this weakness. Maire

Tecnimont is working on three main transport projects that will

significantly reduce current bottlenecks on railways and highways.

Fiumetorto-Cefalù Railway and the Imera Archaeological SiteAs general contractor, Tecnimont has completed the detailed design

and is carrying out land acquisition, works supervision and

construction of the doubling of the railway line from Fiumetorto to

Cefalù Ogliastrillo, near Palermo in Sicily. 12 km of new track will be

constructed alongside the existing one-track line, 4 km will be in

tunnels and another 4 km will be new track. Construction started

officially in May 2008 and is due to end in 2011. Preliminary work on

the tunnel excavation and new track is already complete.

Tecnimont is in charge of environmental supervision and

management of the project. The works area has a high hydrological

risk and is also adjacent to the archaeological site at Imera. This is

one of the largest archaeological sites in Europe, covering an area of

about 15,000 sq. metres, where in 2008 archaeologists discovered the

ancient necropolis of Himera. The 70 or so people working on the site

have so far uncovered more than 1,500 tombs from the Greek period

(648-409 BC). They expect ultimately to find more than 12,000 tombs.

Among the finds are such day-by-day objects as coins, pots, baby’s

bottles, etc. All parties involved have cooperated to ensure that this

valuable heritage site is being excavated without halting a strategic

public investment essential for the development of Sicily.

Client:

Contractor:Contract value:Lenght:

Rete Ferroviaria Italiana

(Italian State Railways)

Tecnimont

¤314 million

20 km

Client:Contractor:Contract value:Lenght:

Italferr SpA (Italian State Railways)

Tecnimont (consortium leader)

¤128 million

14 km

68 69

Complex Civil Buildings and Architectural Excellence Three projects have been chosen in this section to illustrate

Maire Tecnimont’s capabilities in complex civil and industrial

buildings (hospitals, office buildings, service centres and so on).

A common feature of our work is the combination of innovative

technological solutions with attention to architectural design and

landscaping, particularly in the maintenance or refurbishment of

historic buildings.

Amato Real Estate

Tecnimont has undertaken the redevelopment of the site of a former

pasta factory owned by the Amato family in Salerno (southern Italy).

The redevelopment is one of several private and public initiatives in

the town carried out by prominent international architects. The Amato

project, designed by the French architect Jean Nouvel, foresees the

development of a new residential and commercial complex alongside

a new 5,000 sq. metre park. The site is at a critical junction between

the city centre and the suburbs, and is crossed by public and private

traffic. Site specificity, orientation and landscape, energy-saving

concepts and innovative materials are the main elements of the

redevelopment, which includes infrastructural facilities and

underground parking financed entirely by private funds. The project

foresees the construction of new structures that respect and

emphasize in a contemporary manner the historical-industrial

context of the old mill. The project will play a strategic role in the

development of the surrounding area.

Client:Contractor:Contract value:Area:

Amato Real Estate

Tecnimont

¤40 million

18,000 sq. metres

Technogym Village

Technogym Village, with small lakes, fitness facilities and a sports

centre, is under construction in Cesena (central Italy) in a park of over

61,000 sq. metres. The pioneering “wellness factory”, designed by the

architects Antonio Citterio & Partners, includes an area of 40,000 sq.

metres for assembly and logistic services, as well as 11,000 sq. metres

for administrative and commercial activities, a research centre,

gymnasium and a wellness area. The project features innovative use of

materials; the buildings’ external coverings are made of wood, glass

and aluminium. The project should be completed by 2010.

Avellino Hospital

This project includes the construction of a hospital that will

become the sole hospital of Avellino and offer advanced medical

assistance to the entire province. The distinctive element of the

hospital layout is the central square, from which horizontal routes

fan out to connect the various parts of the estate. The hospital will

house 880 beds and have 10 operating theatres. The Healthcare

Centre of Avellino will be of fundamental importance for the

network of medical services in southern Italy. It will replace four

existing hospitals and become a regional medical centre of

excellence, equipped with the most advanced specialist

departments. The project will be completed by December 2010.

Client:Contractor:Contract value:Area:

Technogym

Tecnimont

¤50 million

50,000 sq. metres

Client:

Contractor:Contract value:Area:

Comune di Avellino, Regione

Campania and Avellino Health

Department

Tecnimont (leader) and others

¤200 million

100,000 sq. metres

CORPORATEGOVERNANCE

Company ProfileThe governance of Maire Tecnimont SpA is based on the traditional

organizational model, with a General Shareholders’ Meeting, a Board

of Directors and a Statutory Board of Auditors.

The Board of Directors has established two internal committees with

advisory functions, the Remuneration Committee and the Internal

Control Committee, in accordance with Italian Stock Market

Regulations and the Corporate Governance Code of Italian Listed

Companies, to which the Company adheres.

Pursuant to Article 155 and subsequent articles of the Italian

Consolidated Finance Act (TUF), the Shareholders’ Meeting on 10 July

2007 decided – based upon a proposal from the Statutory Board of

Auditors – to give a mandate to Deloitte & Touche SpA to audit the

corporate accounts for the fiscal years 2007-2015, according to the

terms and conditions specified by the auditing firm, which have been

filed in the Company’s records.

Since 26 November 2007, Maire Tecnimont SpA shares have been

traded on the Italian electronic stock market (Mercato Telematico

Azionario – MTA), which is organized and managed by Borsa Italiana

SpA. The corporate governance system is essentially oriented

towards the creation of shareholder value in the medium and long

term, conscious of the social relevance of the Company and Group

activities and the underlying need to consider the interests of all

stakeholders adequately.

The Company directs and coordinates Tecnimont SpA according to

Article 2497 of the Italian Civil Code.

70 71

11

72 73

Board of Directors Maire Tecnimont SpA is administered by a Board of Directors

currently made up of nine members who need not necessarily be

shareholders. Board members are appointed for a term of between

one and three financial years, and remain in office until the approval

of the financial statements pertaining to the last year of their

appointment, in accordance with the provisions established by the

shareholders’ meeting at the time of their appointment. They are

then eligible for re-appointment.

Position ExecutiveNon

Executive

Chairman and Chief

Executive OfficerX

Independent

Director X

Director X

Director X

Director X

Director X

Director X

Director X

Board of Directors 31 December 2008

Members

Fabrizio Di Amato

Massimo Sebastiani

Gianni Bardazzi

Giovanni Malagò

Stefano Fiorini

Roberto Poli

Adolfo Guzzini

Director XGiuseppe Colaiacovo

Saverio Signori

FABRIZIO DI AMATOChairman of the Board of Directors and Chief Executive Officer Born 1963. A graduate in Political Science from La Sapienza University of Rome, he began

his career as an entrepreneur by setting up his own company and built up the Maire

Tecnimont Group through internal growth and acquisitions. He is President of Federprogetti

(the federation of Italian plant industries), President of ANIMP (the association of Italian

plant industries), member of the Board of Confindustria, member of the Board of OICE

(association of Italian engineering, architectural and technico-economic consultancy

organizations), member of the Executive Committee of the Rome industrialist and

enterprises association (UIR), member of Consulting Committee of the Polytechnic

University of Turin (Faculty of Architecture), member of the Consulting Committee for

Developing Countries of Confindustria (the confederation of Italian industries) and member

of the Steering Committee for the VertiPass project, carried out by AgustaWestland and The

European House-Ambrosetti.

GIANNI BARDAZZISenior Vice President, Strategic Marketing and Special InitiativesBorn 1965. He graduated in Architecture in 1990 from the University of Florence and

obtained a PhD in 1998 from the Universities of Florence and Chalmers, Sweden. He was

appointed professor of architectural technology in 1998. He has consulted on numerous

site management projects for ICIET-SIME and ITT Sheraton. In 1997 he joined the Maire

Group and subsequently served in various important positions. In 2007 he became a

member of the Board of Directors of Maire Tecnimont. He is a board member of important

engineering and construction associations and International Chambers of Commerce. He

manages the Group’s merger and acquisition activities, with responsibilities from

screening potential opportunities to executing and closing deals, valuation of investment

projects, and project financing. He has held his current position since September 2007.

MASSIMO SEBASTIANISenior Vice President, Administration, Finance and ControlBorn 1957. From 1979 to 2004 he held a variety of positions at different banks including

Banca di Roma, Carimonte, Rolo Banca and UniCredit. From June 2005 to April 2006 he

was Director of the administration and finance department at Maire Engineering. He has

been in his current role since April 2006.

74 75

Functions of the Board of DirectorsThe Board of Directors plays a central role in the corporate organization, and

drives the pursuit of the strategic goals of the Company and the Group. It also

checks that proper controls are in place to monitor their progress. Apart from

the powers granted to it under the law and the Articles of Association, the

Board of Directors also exercises sole competence in the following matters:

approval of Maire Tecnimont’s and the Group’s strategic, industrial and

financial plans and budgets;

approval of the Company’s first quarter and first half reports, including

the consolidated accounts;

assessment of the appropriateness of the general organizational,

administrative and accounting structure of the Company and its

strategically significant subsidiaries as drawn up by the Chief Executive

Officer, with specific reference to the internal control system and the

management of conflicts of interest;

periodic assessment of the Company’s and Group’s operating, financial

and stock market performance;

approval of transactions entailing the acquisition and disposal of

controlling interests in other companies and in important parts of the

Group’s and other companies’ businesses;

definition of the Company’s and the Group’s corporate governance system

and rules;

formation and regulation of committees within the Board of Directors, the

appointment of committee members and determination of their emoluments;

conferment on and revocation of delegated powers from the Chief

Executive Officer, the Chairman and other Board members, and the

determination of related emoluments;

approval of transactions proposed by the Company and its subsidiaries

that are likely to have a significant impact on the Company’s strategy,

operations, and financial or equity situation;

decisions pertaining to the exercise of voting rights in strategically

significant direct subsidiaries, at the recommendation of the Chief

Executive Officer.

STEFANO FIORINIBorn 1962. He completed a three-year degree in Juridical Science in Camerino. He has been an

employment consultant since 1988, specialising in company restructuring and mergers and

acquisitions, with significant experience in fiscal disputes and receivership. He has held the post of

statutory auditor for several companies.

ROBERTO POLIBorn 1938. A graduate in Economics and Commerce, he was professor of corporate finance at the

Cattolica University of Milan from 1966 to 1998. He is the founder and Chairman of Poli e Associati, one

of the prominent consultancy companies in the field of merging and acquisitions and corporate finance.

He was Chairman of Rizzoli-Corriere della Sera and Publitalia. He currently holds the position of Board

Member at Mondadori, Fininvest, Coesia and Perennius. He is Chairman of Eni since May 2002.

ADOLFO GUZZINIBorn 1941. He co-founded iGuzzini illuminazione, where he is currently President. He is also Chief

Executive Officer at Fimag, a holding company which controls F.lli Guzzini, Teuco and iGuzzini

illuminazione, in which he is also a Partner and Vice-President. From 2009 he has been the President

of the Italian Design Council. He has received the title of Knight of Labour and was awarded an

Honorary Degree in International Economics.

GIUSEPPE COLAIACOVO Born 1966. He graduated in Economics and Finance and was awarded an Executive MBA at UCLA.

He has been a professor in the Economics of Education at the University of Perugia since 2001.

Since 1994 he has been a member of the Board of Directors of companies such as SNAM Rete Gas,

MCC and Fineco Bank (Unicredit Group), Financo, Colacem, Colabeton and Santamonica Misano

Circuit. He has also served as Chairman of Sirci Gresintex SpA and Chief Executive Officer of

Goldlake Investment.

GIOVANNI MALAGÒBorn 1959. He graduated in Economics and Commerce. He is CEO of Sa.Mo.Car. SpA and Chairman and

CEO of Samofin SpA. He is currently a member of the Board of Directors of several important companies:

UniCredit Banca di Roma, FAI ( Environmental Italian Fund, the organization dedicated to preserve Italy’s

artistic and environmental heritage), Musica Park Auditorium of Rome. Since 2007 he has been advisor

to HSBC for Italy. In the sport sector he has hold relevant assignments as Chairman of the Organizing

Committee of the 13th FINA World Championships Rome 2009, member of the Organizing Committee of

the World Volleyball Championship 2010 and member of the Italian Olympic Academy.

SAVERIO SIGNORI Born 1961. A graduate in Economics and Commerce, he is involved in management, financial and tax

consultancy. He was a member of the working group set up by the Ministry of Productive Activities for

the reform of regulations on the extraordinary administration of major companies in crisis. He

currently holds the position of liquidator in extraordinary administration procedures for several

companies. He is a sessional lecturer in Company Economics at the Faculty of Economics and

Commerce at the Luiss University of Rome. In 1986 he founded the Studio Signori Company of

chartered accountants with offices in Rome and Milan.

The Chairman and Chief Executive OfficerThe Chairman of the Board of Directors also serves as the Chief

Executive Officer. He is therefore the main person responsible for

managing the Company. The appointment of the same person to

act as Board Chairman and CEO is, in the Board’s opinion, justified

by the organizational structure of the Company and the Group to

which it belongs, and by the particular nature of the Company’s

business, which consists primarily of the management of operating

subsidiaries and the management and coordination of Group

companies. The Chairman, Fabrizio Di Amato, also controls the

majority of the shares in the Company through Maire Gestioni SpA.

On 10 September 2007, the Board of Directors invested the CEO

with full powers of Company management, to be exercised under

his sole signature, both in Italy and overseas, except for and

excluding those powers and responsibilities which have been

specifically reserved for the whole Board of Directors. At the same

time it required the CEO to report to the Board of Directors on the

activities undertaken in performance of his delegated powers on at

least a quarterly basis.

Remuneration CommitteeThe Remuneration Committee is made up solely of non-executive Directors, most of whom are also

independent: Adolfo Guzzini, Giuseppe Colaiacovo and Stefano Fiorini, the last serving as Committee

Chairman. The Remuneration Committee is tasked with (i) making recommendations to the Board of

Directors on the remuneration, including stock options, of the Chief Executive Officer and other

Directors entrusted with specific tasks, and (ii) periodically assessing the criteria adopted for the

compensation of executives with strategic responsibilities, monitoring the application of these criteria

and forwarding general recommendations in such regard to the Board of Directors.

Internal Control CommitteeThe Internal Control Committee is made up solely of non-executive Directors, most of whom are

also independent: Adolfo Guzzini, Giuseppe Colaiacovo and Stefano Fiorini, the last serving as

Committee Chairman. The Internal Control Committee is tasked with providing the Board with

advice and recommendations in respect of (i) defining the guidelines of the internal audit system

and checking its appropriateness and functioning; (ii) evaluating the work schedule prepared by

Internal Auditing and examining the periodic reports submitted by this function; (iii) assessing,

together with the Company’s administrative managers and auditors, the appropriateness of the

accounting principles used and their uniform application for the purposes of drawing up the

consolidated financial statements; (iv) assessing proposals submitted by auditing firms competing

for appointment as independent auditors, as well as assessing the auditing work schedule and

results indicated in the report and suggestion letter.

Organizational Model Pursuant to Legislative Decree 231/2001On 28 June 2007, the Company approved and adopted the

Organizational and Management Model drawn up pursuant to and

for the intents and purposes of Legislative Decree No. 231/2001, of

which the Code of Ethics is to be deemed to form an integral and

significant part.

The Model is made up of a first general part, aimed at illustrating

the function and principles of the Model itself, as well as the

contents of Legislative Decree No. 231/2001 and the main

reference regulations, and a second specific part, setting forth

the procedure of the adoption of the Model by the Company, and

identifying activities at risk, operating procedures pertaining to

the risk profiles identified in each operating unit, the structure

and functioning of the Supervisory Body together with the

information flows towards the said Supervisory Body, training and

information activities, the disciplinary system and the procedures

for updating the Model.

The Supervisory Body in charge of overseeing the functioning of

and compliance with the said Model and updating the same is

made up of Umberto Tracanella (Chairman), Roberto Santucci and

Giovanni Scagnelli.

76 77

GENERALCOUNSEL

A. BERTOLINI

INTERNALAUDIT

U. MINO

STRATEGICMARKETING

AND SPECIALINITIATIVES

G. BARDAZZI

PROCUREMENT

M.RUZZA

HUMAN RESOURCES,

ORGANIZATION AND ICT

F. GHIRINGHELLI

ADMINISTRATION,FINANCE

AND CONTROL

M. SEBASTIANI

INVESTORRELATIONS

L.Y. KAY

CORPORATEDEVELOPMENT

A. BRUNETTI

CHAIRMAN AND CEO

F. DI AMATO

MANAGINGDIRECTOR

TECNIMONT

E. CAETANI

78 79

Executive in Charge of Preparing the Company’sFinancial AccountsPursuant to article 154-bis of the Italian Consolidated Finance Act

(TUF) and in compliance with the appointment procedures

contemplated in Article 23 of the Articles of Association, on 10 July

2007, the Board of Directors appointed the Administration, Finance

and Control Director Massimo Sebastiani as manager in charge of

the Company’s financial reports.

Profiles of the Top ManagersFABRIZIO DI AMATO, Chairman & CEO

GIANNI BARDAZZI, Senior Vice President, Strategic Marketing and Special Initiatives

MASSIMO SEBASTIANI, Senior Vice President, Administration, Finance and Control

For their profiles see page 73.

ALESSANDRO BERTOLINIGeneral Counsel Born in 1962, he graduated cum laude from Bologna University Law School in 1987. In 1993

he earned a Master of Laws at the Paul M. Hebert Law School of Louisiana State University,

Baton Rouge (USA). A member of the Louisiana State Bar Association, he was a practicing

attorney in the USA, working as an associate in the Harris Law Firm in New Orleans. In 1995

he moved back to Italy and, since then, has served as General Counsel for Fata Group SpA

and for Piaggio & C. SpA. He has been in his present position since December 2008.

ANDREA BRUNETTISenior Vice President, Corporate DevelopmentBorn in 1959, he graduated in Mechanical Engineering in 1985 and joined Snamprogetti SpA to

manage projects in Italy, Iran and China. In 1995, he joined Tecnimont SpA to set up Tecnimont

ICB in India, where he was Joint Managing Director until 2002. Returning to Italy, he was

Executive Vice President of Operations & Engineering at Tecnimont until early 2007 and then

Managing Director of Maire Engineering in Turin until September 2008, when he was entrusted

with his present responsibilities.

ENZO CAETANITecnimont Managing DirectorBorn 1952. He graduated in Chemical Engineering in 1975 and obtained a Master’s degree in

Advanced Technology the following year. He joined Snamprogetti in 1977 as a process

engineer and held different positions before being appointed CEO of E&M Services in 2001

and Operations Director of Snamprogetti in 2002. He joined the Maire Tecnimont Group in

July 2006, taking up his current position.

FRANCO GHIRINGHELLI Senior Vice President, Human Resources, Organization and ICTBorn 1966. He graduated in Business Administration in 1991, and joined Human Resources

management at the Saipem group, where he reached the position of Development and

Organization Manager. In 2002 he moved to Paris to take charge of the acquisition of

Bouygues Offshore. At the end of 2003 he left Saipem to become Senior Vice President of

Human Resources, Organization and ICT at Impregilo. He joined the Maire Tecnimont Group

in November 2005, taking up his current position.

LAWRENCE Y. KAY Head of Investor RelationsBorn in 1956, he graduated from Brown University, USA, in 1978, majoring in Economics and

Russian Studies. In 1991 he earned a Masters in Bologna and Washington, DC, at the School

of Advanced International Relations of Johns Hopkins University. He started his career at

the Federal Reserve Bank of New York, later working for Standard & Poor’s and Merrill

Lynch. In 1991 he moved to Italy and, since then, has served as Head of Investor Relations

for IMI SpA, Sanpaolo IMI SpA, Telecom Italia SpA and Capitalia SpA. He has been in his

present position since September 2007.

UMBERTO MINOInternal Audit Head of Department Born in 1946, he graduated in Chemical Engineering in 1969 and in Business Administration

in 1975. From 1981 to 1996 he held different positions in the Administration, Finance and

Control area of Ausimont SpA and Montedison SpA. He joined the Maire Tecnimont Group in

1997. He has been in his present position since 2003.

MARIO RUZZA Senior Vice President, ProcurementBorn 1954. He graduated in Civil Engineering in 1981. He started his career at Impresit as a

structural engineer and subsequently took charge, as Chief Resident Engineer and Project

Manager, of various large worldwide projects. In 1994 he joined Fiat Engineering. From March

2000 to September 2004 he was Procurement Director of Maire Engineering and subsequently

Technical Director. In 2005 he was appointed Senior Vice President of Internal Auditing at

Maire Tecnimont Group. He has been in his present position since 12 January 2007.

80 81

12

CORPORATE SOCIALRESPONSIBILITY

Corporate Social Responsibility (CSR) is an integral part of Maire

Tecnimont’s vision of global sustainability, as a multi-level approach

to promote the proper economic and financial management of the

Company, as well as positive relations with society and the

environment. Sustainability encompasses all the economic,

environmental and social dimensions of the Company’s life, by

means of ethical commitment, high quality standards, and

transparent relations with all its stakeholders. These elements are

of paramount importance in gaining and safeguarding a recognized

competitive advantage in terms of international reputation. The

people of our Group have long experience of working in a wide range

of countries and cultures. They are well aware of the fundamental

importance of proper transparent relationships with clients and

local communities based on respect for their different cultures and

flexibility in meeting local socio-economic and environmental

needs. Maire Tecnimont views acting responsibly as thinking of the

community in its widest, most universal sense, through human

development projects ranging from educational and social

promotion to cultural heritage programmes. The following were the

main CSR initiatives of the Group in 2008.

Acqua Acetosa Fountain Restoration, Rome Maire Tecnimont is among the sponsors of the project for the

creation of the Acqua Acetosa Fountain Park in Rome, promoted

by the Municipality of Rome’s Cultural Heritage Office and Circolo

Canottieri Aniene. The project involves the restoration of the

famous ornamental seventeenth century fountain, redevelopment

of the surrounding area for public enjoyment, creation of a park

and the improvement of access facilities. This prestigious project,

lasting 17 weeks, will restore a well known monument of Rome to

its former splendour.

82 83

“In the Open” Project The Maire Tecnimont Group is celebrating several important

anniversaries in 2008-2009: 25 years since the foundation by

Fabrizio Di Amato of the Maire companies in Rome, 35 years since

the foundation of Tecnimont, and 50 years since the foundation of

the Indian subsidiary TICB and the French subsidiary Sofregaz.

The painter Antonio Pauciulo was given the task of depicting the

places and people of Maire Tecnimont in their daily work so that

these anniversaries will not only be celebrated in memory but will

also be the inspiration for something new. The artist analyses and

depicts the world of complex engineering through a real

experience of visiting places and meeting people. The world of

Maire Tecnimont has been represented through the metaphor of

"the human world", considering three aspects of the Company:

the expertise of those involved (people), the geographical

situation and organization of space (places), and the cultural and

social situation (community). Maire Tecnimont people work in

offices and construction sites, belong to different cultures and

ethnic groups, and live in different parts of the world. The fact

that they collaborate so successfully shows that diversity is an

indispensable value that is not in conflict with cooperation, but

actually consolidates a more complex idea of unity. The complex

world of Maire Tecnimont will be represented through eight

paintings in a polyptych, a series of images held together by a

formal, compositional and iconographic theme.

Maire Tecnimont Rugby MonzaFor the 2008-2009 and 2009-2010 seasons, Maire Tecnimont will be the title sponsor of ASD Rugby

Monza 1949. All the teams of the historic Lombard club will adopt the Maire Tecnimont Rugby Monza

name. This social responsibility sponsorship programme is focused on education and social inclusion

of young people in deprived areas by promoting sport and fitness issues as well as ethical values. To

experience the values embodied in the game of rugby – team spirit, a healthy competitive attitude,

respect for one’s opponent and a strict regard for the rules - is a way to promote positive educational

ideals in practice. These values are shared by Maire Tecnimont employees in their day-by-day work

around the world. The Rugby Monza Sporting Club, which has 14 senior and junior teams and more

than 300 player-members, has been undertaking educational and social inclusion activities for young

people for many decades. It is currently promoting the game of rugby and its values in a deprived area

of Italy where young people are at risk of social marginalization, through a training programme

involving 14 schools, 80 classrooms and 2,500 students.

Training Centre in ChileIn the framework of the Santa María Thermal Power Plant Project

in southern Chile, Maire Tecnimont, jointly with the client, Colbún

SA, has started an educational project aimed at providing the local

community with the training and skills needed for various jobs on

site. The specific target has been to organize a multi-functional

training centre to train new employees in HSE issues, as well as

providing vocational training for the local population. Specific

training sessions focused on safety and environment are

provided as a pre-condition for site access and recruitment. The

vocational training centre has been set up in cooperation with the

Centro Educacional de Alta Tecnología (CEAT – High Technology

Educational Centre) in San Pedro de la Paz, Concepción. All new

staff of Maire Tecnimont sub-contractors on site pass through the

centre, where the Group’s HSE staff provide key information on

the power project, particularly on workplace risks and health,

safety and environmental issues. The training centre has had a

positive impact on the workers since its inception, by spreading

unified criteria and a single HSE approach to the different tasks

on site. In addition to HSE training, Maire Tecnimont finances four

vocational courses: electrical engineering, welding, plumbing,

and electro-mechanical instrumentation. Each course is attended

by about 15 participants and lasts for 40 hours. The minimum

admission requirement is a primary school diploma or, in some

cases, attendance at higher-level school. The full-day courses

require a minimum 80% attendance and include final test

evaluations. Each student receives a practical learning text and a

daily allowance for travel and lunch. The training centre project is

seen as an instrument of educational and social empowerment of

the local population.

84 85

13

CONSOLIDATED FINANCIAL

STATEMENTS

Euro '000 2005 2006 2007 2008

Revenues 521,323 1,046,798 1,928,213 2,401,417

Other operating revenues 16,048 13,063 55,817 61,377

Total revenues 537,371 1,059,861 1,984,030 2,462,794

Raw materials and consumables (106,389) (328,875) (969,396) (929,050)

Services (318,112) (495,749) (669,295) (1,076,428)

Personnel (47,400) (123,024) (162,670) (219,240)

Other operating expenses (8,373) (18,054) (37,423) (50,712)

Total Costs (480,274) (965,702) (1,838,784) (2,275,430)

EBITDA 57,097 94,159 145,246 187,364

Amortization and depreciation (3,363) (7,143) (7,696) (14,807)

Devaluation of payables and cash (21) (2,771) (2,933) (1,659)

Provisions to the funds for risks and charges (11,362) (12,332) (4,664) (4,077)

EBIT 42,351 71,913 129,953 166,821

Financial income 10,651 26,918 23,583 35,299

Financial charges (14,518) (37,539) (31,060) (17,771)

Gain / (Charges) on investments (190) (177) (144) (107)

Pre-tax profit 38,294 61,115 122,332 184,242

Taxes (18,360) (30,603) (48,886) (61,618)

Profit (Loss) after tax 19,934 30,512 73,446 122,625Attributable to:

Group 19,551 30,073 73,188 117,346Minority interests 383 439 258 5,279

Data per share:Net Income per share 0.23 0.37*

Number of shares outstanding (thousands) 322,500 322,500

* Calculated net of treasury stock

Income Statement

86 87

Euro '000 2005 2006 2007 2008

Cash and cash equivalents at the beginning of the period (A) 85,572 158,610 359,025 490,160

Net Income 19,934 30,512 73,446 122,625

Adjusted for:

Ammortization of intangible assets 1,736 4,430 3,858 9,090

Depreciation of tangible assets 1,627 2,713 3,837 5,716

Provisions for risk and charges 11,362 12,332 7,598 5,736

Writedowns 190 291 290 153

Financial (income) / charges 684 10,018 7,622 (17,574)

Corporate income taxes 18,360 30,603 48,886 61,618

(Increase) / Decrease in inventory (17,078) (116,625) 13,536 (49,016)

(Increase) / Decrease in trade receivables 164,771 (61,940) (200,945) 35,807

(Increase) / Decrease in construction contract assets (10,745) (67,288) (13,560) (273,209)

Increase / (Decrease) in other liabilities 17,557 3,065 6,606 25,274

(Increase) / Decrease in other assets (25,521) 1,394 (90,602) (22,554)

Increase / (Decrease) in deferred tax liabilities 7,609 2,589 2,911 (12,507)

Increase / (Decrease) in trade payables (56,227) 347,485 357,127 238,216

Increase / (Decrease) in construction contract liabilities 16,612 42,815 8,769 66,474

Increase / (Decrease) in provisions for risk and charges (including Retirement benefit provisions)

(3,321) (10,743) (16,402) 10,999

Income tax paid (4,721) (37,865) (46,861) (96,379)

Cash Flow from operating activities (B) 142,829 193,786 166,115 110,469

(Investment) / Disposal in non-current tangible assets 69 (4,186) (26,170) (26,532)

(Investment) / Disposal in intangible assets (1,150) (1,536) (1,381) (19,259)

Change in goodwill 3,155 - (0) (55,421)

Acquisition of companies (or business lines) net of cash and cash equivalents acquired

(99,564) -

Investments in associated companies 7,568 2 (11) (2,342)

Increase / (Decrease) in other investment assets 19 (5,483) (4,716) 1,745

Cash Flow from investment activities (C) (89,903) (11,203) (32,278) (101,810)

Increase / (Decrease) on bank overdrafts (2,797) 40,633 (14,799) 8,539

Change in financial debt 24,661 (42,086) (63,397) 39,609

(Increase) / Decrease in stocks / bonds 42,529

Change in other financial assets / liabilities (1,174)

Increase in share capital (1,752) 19,285 1,125

Increase in share premium account 62,016

Costs of IPO (3,971)

Other reserves 16,324 (34,335)

Dividend payments (22,575)

Cash Flow from financing activities (D) 20,112 17,832 (2,702) 32,593

Total Increase / (Decrease) in cash and cash equivalents (B+C+D) 73,038 200,415 131,135 41,253

Cash and cash equivalents at the end of the period (A+B+C+D) 158,610 359,025 490,160 531,412

Euro '000 2005 2006 2007 2008

Property, plant and equipment 11,529 13,003 35,335 56,151

Goodwill 217,798 217,798 217,798 273,219

Other intangible assets 18,373 15,479 13,002 23,170

Investments in affiliates 539 537 592 2,934

Other non-current financial assets 3,687 10,662 11,014 9,116

Other non-current assets 10,973 25,527 39,652 75,245

Total non-current assets 262,899 283,006 317,393 439,835

Inventory 17,518 134,143 120,607 169,623

Construction contracts 134,860 202,148 215,707 488,916

Trade receivables 249,604 311,543 512,489 475,024

Current tax assets 14,462 26,454 35,587 70,417

Derivatives 123 17,272 44,109 10,060

Other current financial assets 43,757 29,866 52,297 11,544

Other current assets 96,464 77,259 104,468 127,910

Cash and cash equivalents 158,610 359,025 490,160 531,412

Total current assets 715,398 1,157,710 1,575,424 1,884,906

Total Assets 978,297 1,440,716 1,892,817 2,324,741

Share capital 15,000 15,000 16,125 16,125

Share premium account 25,000 25,000 83,045 83,045

Other reserves 0 5,328 6,012 1,863

Foreign currency translation reserve 1,261 793

Valuation reserve / Cash flow hedge (636) 12,559 35,938 6,981

Total capital and reserves 40,625 58,680 141,120 108,014Retained earnings 4,061 18,332 48,453 99,622

Profit / (Loss) for the year 19,551 30,073 73,188 117,346

Group Shareholders' Equity 64,237 107,085 262,761 324,982

Minority Interests 1,894 8,844 2,108 5,602

Total Shareholders' Equity 66,131 115,929 264,869 330,584

Long-term debt 123,091 163,446 99,800 131,667

Provisions for risks and charges 19,191 24,771 19,395 24,022

Deferred tax liabilities 14,531 17,119 20,029 7,522

Provisions for employees retirement benefit 32,448 28,457 25,022 23,408

Other non-current liabilities 0 29,800

Other financial liabilities 0 5,047

Total non-current liabilities 189,261 233,793 164,246 221,466

Short-term debt 130,542 88,734 76,953 75,660

Provisions for risks and charges 0 0 8 12,071

Tax payables 32,033 36,764 47,921 47,989

Derivatives 5,531 7,024 2,706 1,000

Other current financial liabilities 81 0 309 0

Advances from customers 38,624 263,943 346,250 547,932

Construction contracts 126,294 169,109 177,877 244,351

Trade payables 338,785 460,950 735,771 772,304

Other current liabilities 51,015 64,470 75,907 71,384

Total current liabilities 722,905 1,090,994 1,463,702 1,772,691

Total Equity and Liabilities 978,297 1,440,716 1,892,817 2,324,741

Cash Flow Statement Balance Sheet

ALBANIABranch OfficeRruga Deshmoret e 4 ShkurtitSky Tower, Kati.5, Zyra. 54Tirane

BRAZILTecnimont do Brasil Av. Paulista, 1842 7 andar – CJ. 75 Edificio Cetenco Plaza Torre Norte Cep 01310-200 Sao Paulo P +55 11 21753900F +55 11 21753952comercial@mairengineering.com.br

Maire Engineering do BrasilAv. Bias Fortes, 382 14-16-17 Andares-Lourdes Belo Horizonte-Minas Gerais Cep. 30.170-010 P +55 31 21086700F +55 31 21086799

Av. Marechal Floriano, 1919 andar – CentroCep 20080-003-Rio de Janeiro (RJ)P +55 21 22334580

CHILETecnimont Chile LtdaAvda. Vitacura, 5250 Of. 208CP 7630225 Santiago de ChileP +56 2 899 2800F + 56 2 3713626

FRANCESofregaz SA4, Allée de Seine93200 Saint DenisFranceP +33 1 80603000F +33 1 80603212contact@sofregaz.fr

GERMANYTPI - Tecnimont Planung undIndustrieanlagenbau GmbHEisenhüttenstraße 9938239 SalzgitterP +49 5341 214231F +49 5341 218146info@tpi-gmbh.com

INDIATecnimont ICB Pvt Ltd.Bldg. No. 2, Plot No. 504Chincholi BunderLink Road, Malad (West)Mumbai 400064P +91 22 66945555F +91 22 66945599info@ticb.com

Branch Office Ashoka HotelSuite No. 44650 B ChanakyapuriNew Delhi 110 021P +91 11 26110101F +91 11 24102337ticbdel@satyam.net.in

Branch Office Shanti Nikentan4th Floor8, Comac Street Kolkata 700 017P +91 33 22826790F +91 33 22823200

IRANBranch OfficeFlat n. 7, Bldg. N. 330 Kolahduz Street Kaveh Cross Road 1943683461 TehranP +98 21 2257 9665F +98 21 22574177tecnimont@tecnimontiran.com

ITALYMaire Tecnimont Headquarterswww.mairetecnimont.itcomunicazione@mairetecnimont.it

Via di Vannina, 88/94 00156 Roma P +39 06 4122351 F +39 06 412235610

Viale Monte Grappa, 3 20124 Milano P +39 02 63131 F +39 02 63139052

Corso Ferrucci, 112/a 10138 Torino P +39 011 0056111 F +39 011 0056444

SUBSIDIARIES, BRANCH AND

REPRESENTATIVEOFFICES

88

LIST OF ABBREVIATIONSE&C: engineering and construction

EBITDA: earnings before interest, tax, depreciation and amortization

EPC: engineering, procurement and construction

EPCM: engineering, procurement and management of construction

EPPE: easy process polyethylene

FEED: front-end engineering design

GTCC: gas turbine combined cycle

HDPE: high density polyethylene

HSE: health, safety and the environment

KPI: key performance indicator

LCBR: low cis butadiene rubber

LTI: lost-time injury

LSTK: lump-sum turnkey

LDPE: low density polyethylene

LLDPE: low linear density polyethylene

OSHA: the US Occupational Safety and Health Administration

PE: polyethylene

PET: polyethylene terephthalate

PP: polypropylene

PTA: purified terephthalic acid

QMS: quality management system

Edited by Maire Tecnimont Communication Department

Graphic Design: Max Giglietti

Photos: Maire Tecnimont Image Bank, Gughi Fassino, Carlos Juan Jones, Matteo Paini, Shutterstock

Printing: Sograf Srl

July 2009

Viale L. Ariosto, 24/b

50124 Firenze

P +39 055 2280609

F +39 055 2335517

Via E. Mattei, snc

72100 Brindisi

P + 39 0831 5591

F + 39 0831 559229

Via Paleocapa, 3d

24122 Bergamo

P +39 035 0774200

F +39 035 0774250

KINGDOM OF BAHRAINBranch Office

Bldg. No 51, Road No 1401

Block No. 614, Um Al Baidh,

Manama

P +973 17735943 / 33617

F +973 17736095

KINGDOM OF SAUDI ARABIATecnimont Arabia Ltd

Al Mukmal Plaza

5th floor - Office n. 51B

Palestine Street

P.O. Box 23448

Jeddah 21426

P +966 2 6686112

F +966 2 6672110

info@tecnimontarabia.com.sa

KUWAITBranch Office

Mareena Tower

Al Mahbula Gulf Rd.

Block 4 - 3rd. Floor

Office nr. 310

20 A-Tower - P.O. Box 750

Fintas 51008

P +965 3729845

F +965 3727075

LIBYAN GSPLAJ Branch Office

Abdurrahman Dekheel Street

El-Andolus (Gargaresh)

Tripoli

P.O. Box 955

LUXEMBOURGIMM.LUX.Sa

65, Boulevard Grande-

Duchesse Charlotte

L-1331

P +352 26449616

F +352 26383510

MALTAJTS Contracting Company Ltd

2nd Floor, Level 5

The Mall Complex

The Mall, Floriana

P/F +356 21237640

NIGERIATecnimont Nigeria Ltd

57 b, Lobito Crescent

Wuse 2, Abuja

P/F +234 9 4612456

techninigeria@yahoo.com

PEOPLE’S REPUBLIC OF CHINA Representative Office Silver Tower - Unit 617 2, Dongsanhuan Beilu 100027 Beijing P +86 10 64106290/64106292 F +86 10 64106291 c.cai@tcmbj.com

POLANDTecnimont Poland Sp.Zo.o Al. Wojska Polskiego 27 m 26 01-515 Warsaw P +48 22 8699945 F +48 22 8699948

PORTUGALTecnimont EIL Emirates – Consultores e Serviços LdaAvenida Arriaga 77Edificio Marina Forum 6° AndarFunchal (Madeira)

QATARBranch Officec/o Qatar Chemical Company LtdMesaieed Industrial City State of QatarP +974 4766851

RUSSIAN FEDERATION Tecnimont Russia OOO Ul. Petra Romanova, 14, k.1115193 Moscow P/F +7 495 3801417tcmru@online.ru

SPAINEmpresa Madrileña de Ingenieria yConstruccion SA (Emic) Paseo della Castellana, 115 60 izda 28046 Madrid P +34 91 5972621 F +34 91 5556230

SWEDENBranch Officec/o Borealis AB SE-44486 Stenungsund

SWITZERLANDTWS SA Via L. Taddei, 13 6962 Viganello LuganoP +41 91 9713691 F +41 91 9713693 info@tws-sa.ch

UNITED ARAB EMIRATESBranch Office Electra Road Al Nowais Building P.O. Box 51120 Abu Dhabi P +971 2 6450988 F +971 2 6447553 tecabd@emirates.net.ae

We are working inAbu Dhabi (UAE) Al Jubail (Kingdom of Saudi

Arabia) Alexandria (Egypt) Avellino (Italy)

Bahrain (Kingdom of Bahrain) Bologna (Italy)

Bratislava (Slovakia) Cairo (Egypt) Catanzaro

(Italy) Cearà (Brazil) Cefalù (Italy) Cesena

(Italy) Cosenza (Italy) Cuneo (Italy) Dalian

(China) Daqing (China) Dunkerque (France) El

Tablazo (Venezuela) Falconara (Italy) Florence

(Italy) Fos Sur Mer (France) Guangdong (China)

Jiangsu (China) Jose (Venezuela) Karsto

(Norway) Kharg Island (Iran) Madrid (Spain)

Maranhao (Brazil) Marseille (France) Mato

Grosso (Brazil) Mesaieed (Qatar) Milan (Italy)

Münchsmünster (Germany) Nizhnekamsk

(Russian Fed.) Novy Urengoi (Russian Fed.)

Olevano (Italy) Omsk (Russian Fed.) Panigaglia

(Italy) Panipat (India) Puerto Coronel (Chile)

Rome (Italy) Salavat (Russian Fed.) Salerno

(Italy) Shuaiba (Kuwait) Singapore (SGP)

Stenungsund (Sweden) Tatarstan (Russian

Fed.) Tobolsk (Russian Fed.) Turin (Italy)

Valona (Albania) Wierzchowice (Poland)

www.mairetecnimont.it