Petrofac, the international oil & gas facilities service provider, has received a letter of intent for the award of a Euros €291 million (US$454 million) lump-sum contract by the Hayan Petroleum Company in Syria to construct a gas treatment plant.
The plant will be built on the Jihar field in the Hayan Block, located near to the town of Palmyra, which consists of the gas/condensate/oil fields for Jihar, Al Mahr & Jazal. Petrofac's comprehensive scope of work will cover engineering, procurement and construction, pre-commissioning and commissioning, and start-up of the gas processing facilities. In addition to the plant, Petrofac will build an LPG recovery system, LPG storage and loading facility, gas gathering and collection systems, satellite gathering station, well sites, flow lines, utilities and offsite facilities, gathering pipelines and living quarters. The project is due to be completed first quarter 2011.
The Hayan Petroleum Company (HPC) is a joint stock company owned equally between Syrian Petroleum Company (a Syrian Government company) and INA Industrija Nafte d.d.-Naftaplin (a part of INA d.d., a Croatian company) that has some ten years of experience in Syria's oil industry.
Commenting on the award, Maroun Semaan, Chief Executive, Petrofac Engineering & Construction, said: "This development capitalises on our execution capability in Syria where we have successfully completed several EPC projects. We are pleased to be back in this market."
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About Petrofac
Petrofac is a leading international provider of facilities solutions to the oil & gas production and processing industry, with a diverse customer portfolio including many of the world's leading integrated, independent and national oil & gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC) and is a constituent of the FTSE 250 Index.
Through its three divisions, Engineering & Construction, Operations Services and Energy Developments, Petrofac designs and builds oil & gas facilities; operates, maintains or manages facilities and trains personnel; and, where return criteria are met and service revenue synergies identified, co-invests with clients and partners. Petrofac's range of services allows it to help meet its customers' needs across the life cycle of oil & gas assets.
With more than 9,500 employees, Petrofac operates out of four strategically located international centres, in Aberdeen, Sharjah, Woking and Mumbai and a further 16 offices worldwide. The predominant focus of Petrofac's business is on the UK Continental Shelf (UKCS), Africa, the Middle East, the Commonwealth of Independent States (CIS) and the Asia Pacific region.
For additional information, please refer to the Petrofac website at www.petrofac.com
For more information, please contact:
Karen Grant
Fifth Ring Integrated Corporate Communications
Tel: +44 (0) 1224 628095
© Press Release 2008
