Constructing Unique Characteristic of a Successful EPC Contracting Framework Through Critical Risk Management Comprehension

Kuala Lumpur, Malaysia, December 08, 2010 --(PR.com)-- Today majority of the oil and gas companies, heavy industries and process industries prefer to sign the EPC contracts than other forms of contracts. This is so they will be able to avoid and reduce any conflicts in execution of contracts due to interfaces and risks between project companies and contractors and easy to control the projects in every other aspect.

Most projects are bound to be affected by risks such as construction risks, operational risks, financial and economic risks, legal risks etc. All these risks are interrelated and have a chain effect in overall start-up and commissioning. Common delays and cost overruns can have severe effects and causes as a primary effect on construction risks. Therefore it is important in a project when structuring EPC contract. EPC contract comes many new risks that are often severe due to the complex nature and high cost frequently associated with this type of project involved.

This conference features topics such as strengthening the robustness of a smart EPC contract structure to ensure solid control under lump sum contract to meet project priorities, stakeholder’s expectations and critical success factors. Gain knowledge on how to revise project plan by incorporating cost control and estimation accuracy towards achieving desired project completion within allocated budget – change management. Also learn how to manage fluctuations in cost of raw materials and labour and its consequences on quality and performance of an EPC Contract. This two day event will enlighten you on how to tackle the complex nature, high cost associated and volatile nature of the project and understanding these risks by constructing a solid EPC contracting framework that is critical to a successful project where both owner and the contractor is able to reap high rewards for the risks.

Conference speakers include representatives from Chevron, Australia, Petrofac Engineering & Construction, UAE, Galfar Engineering & Contracting S.A.O.G, Oman, Thermax Power Group, India, Wong Partnership LLP, Singapore, International Arbitration Practice Group, Rajah & Tann LLP, Singapore, Marine Underwriters Association of the Philippines, ERM Philippines, Inc., Downer New Zealand and Jamshedpur Utilities & Services Company (TATA Enterprise), India.

This conference is proudly supported by Project Management Institute of Malaysia together with media partners from BCI Asia, Worldoils, theenergyinfo.com, Asia Oil & Gas and E & P Daily from Ogilvie Publishing.

Headquartered in London, Marcus Evans is one of the world's biggest conference organizer with offices in over 30 countries worldwide. As a world leader in business events, we hold over 1000 summits, congresses, conferences and training courses per year. More comprehensive information can be found at www.marcusevans.com

###