CORRECTION(S)

Technip and Larsen & Toubro have both taken exception to an article in our October 5, 2017 edition entitled Technip set to win Haldia IOC hydrotreater job.

In an e-mail to this report L&T said: "We would like to categorically state that the contents of the article, especially those related to Larsen & Toubro Limited (L&T) are based on unsubstantiated 'rumours'. L&T has not entered into any 'non-compete agreement' either in relation to the projects mentioned in the said article or otherwise.

"We are a company that believes in fair trade practices and adhere to the highest standards of business conduct. To suggest that we indulge in entering into agreements with competitors, in the manner stated in the article, is untrue and is also based on false facts and assumptions." In a separate statement to this report, Technip adds: "At TechnipFMC we follow strict ethical business standards and a code of conduct with the guidance of good business principles.

"We condemn the idea of getting into any 'non-compete' or other unethical agreement with relation to any of our projects. We have been qualified as L1 on the IndianOil (IOC) contract to set up a diesel hydrotreater at its Haldia Refinery.

"As far as the bidding for this or any other project is concerned, TechnipFMC goes through the competitive bidding process in line with the client's standard bidding procedures and norms and there was no exception in this case. Technip follows a well-established internal bidding process for all bids across the globe which go through a rigid approval process.

"Drawing a forced conclusion about our informal agreement with L&T by referring to the natural outcome of several projects bids as mentioned in the article is unsubstantiated and unprofessional. We take any allegation on our ethics very seriously and regret to convey our displeasure about the news being made on the basis of rumours without any discussion with us." Any complaints about inaccuracies in all sections of PETROWATCH, including online, should be addressed to editor@petrowatch.com or The Editor, Petrowatch, Ashoka Estate (11th Flr), 24 Barakhamba Road, Delhi 110 001