Topaz wins $14m Turkmen contract

Monday, Oct 26, 2009

Gulf News

UAE's Topaz gets $14m Turkmenistan contract

Dubai Topaz Energy and Marine, through its subsidiary BUE Turkmenistan yesterday announced it has been awarded a $14 million (Dh51.4 million) contract with Malaysian Marine Heavy Engineering (MMHE).

MMHE is operating a joint venture between Technip and Petronas for the development of the Magtymguly Collector Riser (MCR-A) offshore project in Turkmenistan. The end client is Malaysian state-owned oil major Petronas and the contract is expected to pave the way for future awards with both Petronas and Technip.

The contract means Topaz will further solidify its already leading market position in the Caspian region.

Turkmenistan has proven gas reserves of approximately eight trillion cubic metres, placing it fourth in the world after only Russia, Iran and Qatar. The country sits on several of the world's largest gas fields, primarily in the Amu"Darya basin in the east, the Murgab Basin, and the South Caspian basin in the west.

The Topaz contract will involve Topaz operating seven marine assets worth in excess of $60 million in the Carigali field offshore Turkmenistan.

Staff Report