ECONOMY AND MARKET
Maire Awarded Two Petrochemical Contracts in Saudi Arabia
Maire Tecnimont announces that its Integrated E & C Solutions subsidiaries Tecnimont and Tecnimont Arabia Limited have been awarded two lump-sum turn-key EPC contracts related to a petrochemical expansion at the Satorp Refinery ( a JV composed of Saudi Aramco and TotalEnergies ), in Jubail , Kingdom of Saudi Arabia . The petrochemical facility will enable conversion of internally produced refinery off-gases and naphtha , as well as ethane and natural gasoline , into higher value chemicals . The overall value of the contracts is approximately USD 2 billion . The contracts relate to the execution of two packages of the complex , namely the “ Derivatives Units ” package - which includes a butadiene extraction unit , an olefin extraction unit , a methyl tert-butyl ether unit , a butadiene selective hydrogenation unit , a 2nd stage pygas hydrogenation unit and benzene & toluene extraction unit - and the “ High Density Polyethylene
( HDPE ) & Logistic Area ” package , which includes two polyethylene units and the relevant product logistic facilities . The project ’ s scope of work entails complete engineering services , equipment and material supply , construction activities , pre-commissioning , and commissioning , and shall have a duration of approximately 4 years . With this award , the Group ’ s Yearto-Date Order Intake is over EUR 2.6 billion ( including approximately EUR 200 million related to the contract for a fertilizer plant in Egypt , subject to successful execution of the Client ’ s financing package ). Considering the important commercial prospects in the coming months , a very strong second half is expected , which will provide a solid driver to the Group ’ s growth this year and beyond . Alessandro Bernini , Maire Group Chief Executive Officer , commented : “ We are extremely proud of having been selected by Saudi Aramco and TotalEnergies for this major initiative . It is a further recognition of Tecnimont ’ s world-class capabilities to execute complex projects in complex environments , as well as our undisputed leadership in downstream petrochemicals . These awards will provide a significant addition to our already large 8-billion Euro backlog , increasing revenues visibility in the short- and mediumterm . It is also for these reasons , and in a context of continued robust demand , that we keep investing in talent , with almost 600 new engineers added year to date .”
Alessandro Bernini , Maire Group Chief Executive Officer
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