Aramco Awards $3.3 Billion Gas Facility Contracts to Sinopec and Tecnicas Reunidas
Aramco has entrusted Sinopec of China and Spain's Tecnicas Reunidas with $3.3 billion contracts to establish a gas processing facility in Saudi Arabia.
Sinopec will hold a 65% stake and Tecnicas Reunidas 35% in the venture. The initiative involves constructing the Riyas natural gas liquids plant at the Jafurah field, touted as the Middle East's largest gas find with an estimated 200 trillion cubic feet of natural gas.
The contracts encompass engineering, procurement, construction, and building of LNG distillation and storage facilities.
This project strengthens the longstanding relationship between Aramco and Sinopec, which recently pledged to seek shale gas prospects in Saudi Arabia.
The contracts encompass engineering, procurement, construction, and building of LNG distillation and storage facilities.
This project strengthens the longstanding relationship between Aramco and Sinopec, which recently pledged to seek shale gas prospects in Saudi Arabia.