Petrofac signs USD1.5 billion contract for petrochemistry in Algeria

(Alliance News) - Petrofac Ltd on Monday said it signed a definitive engineering, procurement and ...

Alliance News 12 June, 2023 | 8:10AM
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(Alliance News) - Petrofac Ltd on Monday said it signed a definitive engineering, procurement and construction agreement with Sonatrach Spa subsidiary, STEP Polymers SPA, for the construction of a petrochemical complex in the Arzew industrial zone in Algeria.

Petrofac is a London-headquartered company which designs, builds, manages and maintains energy infrastructure and has its core markets in the Middle East and North Africa region. Sonatrach is Algeria's national state-owned oil company.

Petrofac said it will deliver the USD1.5 billion project with its joint venture partner China Huanqiu Contracting & Engineering Corp, with Petrofac's share worth over USD1 billion.

Petrofac Chief Executive Officer Tareq Kawash said: "Broadening Petrofac's portfolio within the petrochemical sector, this contract builds on our 25-year track record of safely delivering strategically significant energy infrastructure in Algeria, while developing local workforces."

Petrofac shares were 1.0% lower at 73.30 pence each on Monday morning in London.

By Tom Budszus, Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Petrofac Ltd 10.50 GBX -28.57 -

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