Maire Tecnimont, an Italian corporate group active in the engineering, technology and energy sectors, has announced that its subsidiaries (Tecnimont and Tecnimont Arabia Limited) have obtained two contracts EPC lump-sum turn-key forpetrochemical expansion of the SATORP refinery, located in Jubail in Saudi Arabia. The SATORP refinery is a joint venture between Saudi Aramco and TotalEnergies.
Contracts for 2 billion dollars
THEpetrochemical plant will enable the conversion of refinery gas and naphtha, as well as ethane and natural gasoline, into higher value-added chemicals. The total value of the contracts it's about 2 billion of dollars.
The contracts concern the execution of two packages of the plant: the "Derivatives Units" package and the "High density polyethylene and logistics area" package. The work will include all engineering services, the supply of equipment and materials, as well as construction, pre-commissioning and commissioning activities. The expected duration of the works is approximately 4 years.
With this agreement, Maire has reached a total number of new order acquisitions (Order Intake) that exceeds 2,6 billion euros since the beginning of the year. This figure also includes approximately EUR 200 million relating to a contract to construct a fertilizer plant in Egypt, the conclusion of which is conditional on the client completing the finance package.
In consideration of the "significant commercial opportunities in the coming months", the group expects an "excellent second half of 2023", an important driver for growth in 2023 and subsequent years, reads the note.
“We are very proud to have been selected by Saudi Aramco and TotalEnergies for this important project. It represents further recognition of both Tecnimont's excellent ability to implement complex projects in complex contexts, and of our undisputed leadership in downstream petrochemical plants. These significant new orders add to an already considerable backlog – amounting to 8 billion euros – increasing visibility on revenues in the short and medium term. Also for these reasons, in a scenario of constant solid growth in demand, we continue to invest in new talent, with nearly 600 engineers added to our workforce since the beginning of the year” commented the CEO Alessandro Bernini.
