Saudi Aramco awards $3.3bn in contracts to JV for construction of new facility in Saudi Arabia
The joint venture comprises a 65% share owned by Técnicas Reunidas and 35% by Sinopec Engineering Group
Two contracts worth more than US $3.3bn have been awarded by Saudi Aramco to a joint venture (JV) between Spanish contractor Técnicas Reunidas and Chinese firm Sinopec.
The JV will serve as an EPC (engineering, procurement and construction) contractor for the construction of the Riyas NGL Fractionation Facility in Saudi Arabia.
According to a report, the JV is 65% owned by Técnicas Reunidas and 35% by Sinopec Engineering Group, which means that the Spanish company will account for more than $2.15bn of the total investment.
The works will be developed on the basis of two EPC contracts for the execution of Riyas NGL Fractionation Trains (Package 1) and Riyas NGL Common Facilities (Package 2), which includes utilities, storage and export facilities.
The new facility will produce ethane, propane, butane and pentane, the report concluded.
