Arabtec's Target wins $235m Saudi Aramco deals
Target oil & gas subsidiary picks up seven projects for Saudi energy giant
Contractor Arabtec has announced that its oil and gas subsidiary Target has won a number of deals from Saudi Aramco worth a combined $235m (AED930m).
In total, Target will deliver seven projects for Saudi Aramco - the biggest of which is a project to improve a liquefied petroleum drain in the Abqiq refinery worth $74m (AED272m). It also landed a project to reduce water content in a liquefied gas station at Aramco's Shadqam and Al Othmania plants worth $64m (AED235m).
A third major deal involved expanding liquefied gas facilities at Aramco's giant Yanbu refinery, which is valued at $37.3m (AED137m), while a fourth will see two new buildings constructed at its Ras Tanura terminal at a cost of $32m (AED117m).
In a statement to the Dubai Financial Market, Arabtec stressed the importance of expanding its activites in the Saudi market, "which offers many opportunities in the oil & gas fields in particular, and in the construction sector in general".
It added that its recent restructuring had "enhanced Arabtec's capabilities to win new projects in all its construction activities".