Arabtec unit wins Saudi Aramco contracts worth $253m
Dubai-listed firm’s subsidiary Target Engineering wins seven contracts in Saudi energy sector
Arabtec has won seven contracts worth $253m to service Saudi Arabia’s oil and gas sector through its subsidiary Target Engineering, the Dubai-listed builder said.
The contracts were awarded by Saudi Aramco, and are intended to boost production at some of the energy giant’s oil and gas stations in the Kingdom, Arabtec said in a statement.
The largest of the seven contracts, worth $74m, involves work on a liquified petroleum drain at the main oil refinery in Abqaiq, Arabtec said.
It will also work to reduce the percentage of the water component at the liquified gas stations at Shadqam and Al Othmania, under a contract worth $64m.
The other contracts involved the expansion of facilities at the Yanbu refinery and changing of compressor motors at Shadqam and Al Othmania.
Another contract won by Target involved the construction of two buildings for operations and management at Saudi Aramco’s Ras Tanura terminal, worth $31.5m.
The contracts mark the latest of several new wins for Arabtec, as it looks to stabilise its position following last year’s restructuring.
On January 25, the UAE firm was awarded two contracts worth $93.9m from Abu Dhabi National Oil Company and Abu Dhabi Company for Onshore Oil Operations, involving the construction of a new management building and a civil defence station. The completion of both contracts is expected in February 2016.
