Sypris Wins Award for Venture Global CP2 LNG Export Terminal and Venture Global CP Express Natural Gas Pipeline Project
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To Supply High-Pressure Closures Weighing up to 17.5 Tons Each
The CP2 LNG facility will be a natural gas liquefaction export terminal with a nameplate export capacity of 20 million metric tonnes per annum. CP2 LNG will be the second LNG export project developed by Venture Global LNG, Inc. (“Venture Global LNG”) in
As described by Venture Global LNG, the CP Express will consist of approximately 85.1 miles of new 48-inch-diameter natural gas pipeline and approximately 5.9 miles of new 24-inch-diameter lateral pipeline to connect the CP2 LNG terminal to the existing natural gas pipeline grid in east
Sypris has agreed to manufacture and supply its Tube Turns®-branded specialty, high-pressure Tool-less® closures for use on the filtration systems for the project. These closures will be 70 inches in diameter, will be rated to a pressure of 2,180 psi and will weigh from an estimated 655 pounds up to as much as 17.5 tons each.
Brett Keener, General Manager, commented, "Sypris continues to be a leader in supplying high-pressure specialty closures to support major energy projects globally. By leveraging our extensive engineering design and manufacturing expertise, we believe we are uniquely qualified to support these types of demanding requirements. We are proud to be a part of a project with a goal to help provide reliable energy and improve lives around the world."
Sypris Technologies, Inc., Tube Turns Products, is a global leader in the manufacture of custom engineered products for high pressure critical applications serving multiple industries such as the oil and gas pipeline, hydrocarbon and petrochemical processing, food, pharmaceutical, water and utility since 1927. Headquartered in
Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of the federal securities laws. Forward-looking statements include our plans and expectations of future financial and operational performance. Each forward-looking statement herein is subject to risks and uncertainties, as detailed in our most recent Form 10-K and Form 10-Q and other SEC filings. Briefly, we currently believe that such risks also include the following: our failure to achieve and maintain profitability on a timely basis by steadily increasing our revenues from profitable contracts with a diversified group of customers, which would cause us to continue to use existing cash resources to fund operating losses; risks of foreign operations, including foreign currency exchange rate risk exposure, which could impact our operating results; cost, quality and availability or lead times of raw materials such as steel, component parts, natural gas or utilities including increased cost relating to inflation; dependence on, retention or recruitment of key employees and highly skilled personnel and distribution of our human capital; the cost, quality, timeliness, efficiency and yield of our operations and capital investments, including the impact of inflation, tariffs, product recalls or related liabilities, employee training, working capital, production schedules, cycle times, scrap rates, injuries, wages, overtime costs, freight or expediting costs; volatility of our customers’ forecasts and our contractual obligations to meet current scheduling demands and production levels, which may negatively impact our operational capacity and our effectiveness to integrate new customers or suppliers, and in turn cause increases in our inventory and working capital levels; our failure to successfully complete final contract negotiations with regard to our announced contract “orders”, “wins” or “awards”; adverse impacts of new technologies or other competitive pressures which increase our costs or erode our margins; the costs and supply of insurance on acceptable terms and with adequate coverage; the costs of compliance regulatory or contractual obligations; our reliance on revenues from customers in the oil and gas and automotive markets, with increasing consumer pressure for reductions in environmental impacts attributed to greenhouse gas emissions and increased vehicle fuel economy; possible public policy response to a or public health emergency, including U. S. or foreign government legislation or restrictions that may impact our operations or supply chain; our failure to successfully win new business or develop new or improved products or new markets for our products; war, geopolitical conflict, terrorism, or political uncertainty, including disruptions resulting from the
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Brett H. Keener
General Manager
(502) 774-6271
Source: Sypris Technologies, Inc.
FAQ
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