Saudi firm awards wastewater contract to India's VA Tech Wabag
Marafiq's SWTP-9 plant will be expanded by the Indian-listed firm through the $133m deal
Marafiq, a Saudi Arabian company that counts Saudi Aramco and Public Investment Fund (PIF) among its owners, has awarded a $133.3m (SAR500m) contract to an Indian-listed water company for the expansion of its sanitary wastewater treatment plant (SWTP-9) in Jubail.
President and chief executive officer (CEO) of Marafiq, Abdullah Al-Buainain, signed the contract with the CEO of Chennai-headquartered VA Tech Wabag, Deep Raj Saxena. Wabag’s share price on the National Stock Exchange rose by almost 9% following the announcement of its latest Middle East order.
The contract will see SWTP-9 expanded to have a capacity of 200,000m3 per day, and the project will be designed and built to treat incoming sanitary wastewater from Jubail and its Industrial City. The deal covers Stage 6 of the expansion project, and will comprise a standalone facility designed and built for sanitary wastewater treatment.
Commenting on the contract, Al-Buainain said: “Marafiq is confident in providing world-class utility facilities to the new-wave of growth for the Saudi Vision 2030 industrial ventures.”
VA Tech Wabag’s Saxena added: “We are extremely honoured to have been awarded the contract to expand SWTP-9 Stage 6 under the leadership of Marafiq.
“We are confident that we will be capable to execute the project and meet Marafiq’s expectations.”
Marafiq was established through a Royal Decree almost two decades ago, on 18 October 2000. Its four major shareholders include Royal Commission for Jubail and Yanbu; Saudi Basic Industries Corporation, also known as Sabic; PIF, and Saudi Aramco. The company commenced operations as a private utility company on 1 January 2003 with $667m (SAR2.5bn) in initial owner equity.