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L&T bags $4 billion contracts from Saudi Aramco for gas projects

L&T bags $4 billion contracts from Saudi Aramco for gas projects

| @indiablooms | 04 Jul 2024, 12:31 am

Riyadh: India's largest infrastructure firm L&T has secured contracts exceeding $4 billion from Saudi Aramco for the expansion of its gas projects.

The order, valued at Rs 35,000 crore, pertains to Aramco's gas compression systems. Saudi Aramco is undertaking a $110-billion Jafurah gas project in the eastern province.

This L&T contract is part of Saudi Aramco's $25 billion in engineering, procurement, and construction (EPC) contracts, awarded on June 30 for two gas expansion initiatives, according to the Middle East business publication meed.com.

“I would like to clarify that we have already received these orders and were announced previously. The recent event was just a formal commemoration of those awards. We continue to see a strong pipeline of prospects, and with our well-established presence, we are hopeful that we will secure further awards in the near future,” confirmed Subramanian Sarma, Whole-time Director & President (Energy), L&T, according to Moneycontrol.

According to the MEED report, L&T has secured two packages from Saudi Aramco. Package 1, valued at $2.9 billion, is for a gas processing plant and main process units, while Package 3, worth $1 billion, is for gas compression units. Both orders have been awarded to Larsen & Toubro's energy hydrocarbon division.

The EPC packages for the Jafurah second expansion phase, as reported by MEED, also include a $2.4 billion order to South Korea's Hyundai Engineering and two orders totalling $3.2 billion to Spain's Tecnicas Reunidas.

Last September, Larsen & Toubro secured two EPC orders worth nearly $4 billion from Saudi Aramco as part of the expansion of the Jafurah gas project.

The Jafurah basin in Saudi Arabia is home to the largest liquid-rich shale gas field in the Middle East, with MEED estimating gas reserves at around 200 trillion cubic feet, spread over 17,000 square kilometers.

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