SAUDI ARABIA – TWO SUBSIDIARIES OF MAIRE TECNIMONT ARE AWARDED A 500 MILLION USD CONTRACT IN THE OIL SECTOR
Advanced Petrochemical Company, a joint-stock company founded in 2005 and listed on the Saudi Arabian stock exchange since 2007, has awarded, through its subsidiary Advanced Global Investment Company, a USD 500 million contract to Tecnimont SpA and Tecnimont Arabia Limited, both subsidiaries of Maire Tecnimont.
The EPC (engineering, procurement and construction) contract is related to the construction of two polypropylene units at the petrochemical site in Jubail Industrial City, in the Eastern Province of the Kingdom. The two units, each with a capacity of 400,000 tons per year, will be built as an extension to the existing industrial park, which until now has been mainly built by the South Korean company Samsung.
Tecnimont SpA will perform the engineering services and the supply of equipment and materials from foreign markets, while the assembly and construction activities up to the acceptance testing will be performed by the Group’s local subsidiary, Tecnimont Arabia Limited. The project is expected to start next May and be completed by the second quarter of 2024.