PEC says that Verwater-Audex B.V., a 50-50 joint venture company between its subsidiary Audex and Verwater B.V., has won a €118 million ($226 million) contract to build a 465,000 cubic metres tank terminal in the port of Rotterdam in the Netherlands.

Verwater-Audex will provide engineering, procurement and construction (EPC) services to build the tank terminal for Euro Tank Terminal B.V. (ETT). The project is slated for completion by 2012 and will boast state-of-the-art facilities.

ETT is wholly-owned by Vitol Tank Terminal International (VTTI) which owns and operates terminals and pipelines around the world. VTTI is a wholly-owned affiliate of the Vitol Group, a provider of trading and marketing services across the oil and energy sector.

The contract is not expected to have any material impact on PEC’s financial performance for the financial year ending 30 June 2010.