The Aberdeen-based company has agreed with Sinopec to jointly develop an enhanced Chinese language version of Tischuk's risk-based inspection technology.
“The contract has a potential value to Tischuk of £3million (A$9.9m) in Sinopec's internal market and more than £10m in the overall Chinese market,” the company said.
Tischuk’s technology lets oil producers and operators of major process plants calculate how best to maintain equipment for effective performance.
The software creates accurate inspection and maintenance plans based on an assessment of the risks associated with each plant item, enhancing safety and reducing downtime.
As an update to its product suite, Tischuk is also incorporating the Oracle high-integrity database to its software package. Oracle is compatible with information and maintenance management systems such as SAP and Maximo.
The technology transfer agreement marks Tischuk’s entry into the Chinese market and is expected to have a significant impact on the business, Tischuk International technical director John Tischuk said.
“Sinopec is one of the world’s largest oil companies and this agreement will open up other opportunities in China,” he said.
“The joint venture between Tischuk and Sinopec will target all Chinese national energy companies and joint venture companies alike for potential uptake of the new technology.”
Sinopec has more than 300 installations, including 78 refineries and petrochemicals plants and many oil and gas fields. As a licence holder for Tischuk’s tools, Sinopec will also target China’s other leading oil and gas companies.
Sinopec chose Tischuk after conducting strenuous trials, according to Sinopec Safety Engineering Institute deputy director Mu Shanjun.
“The company impressed us with its focus on risk-based integrity, and its staff have a strong background in the oil and gas industry,” Mu said.
“Tischuk also has an open and flexible policy with the ability to adapt its risk-based inspection tools to suit each asset. That was a major factor in our decision.”
