Arabtec Holding's unit wins $110mln contract in Abu Dhabi

The contract includes the detail engineering, procurement, and construction of the crude receiving facilities at Jebel Dhanna Terminal

  
Image used for illustrative purpose. Arabtec logos are seen on buildings under construction in the Marina area of Dubai in this picture taken November 28, 2009.

Image used for illustrative purpose. Arabtec logos are seen on buildings under construction in the Marina area of Dubai in this picture taken November 28, 2009.

REUTERS/Steve Crisp

Dubai - Mubasher: TARGET Engineering Construction Company, a wholly-owned subsidiary of Arabtec Holding, has been awarded a 20-month contract worth AED 403.8 million ($110 million) in Abu Dhabi.

The contract was granted by Abu Dhabi Company for Onshore Petroleum Operations LTD (ADNOC ONSHORE), according to the company's disclosure to the Dubai Financial Market (DFM) on Sunday.

The contract includes the detail engineering, procurement, and construction of the crude receiving facilities at Jebel Dhanna Terminal (JDT) in Abu Dhabi to import Upper Zakum and Non-System Crude and transfer it to the Ruwais Refinery West (RRW).

Wail Farsakh, Arabtec’s Group CEO, commented: "This is in line with our strategy, this important award further builds the Group’s presence in the oil and gas sector."

It is noteworthy to mention that in the first half (H1) of 2020, Arabtec saw net losses attributable to the owners of the parent company of AED 794 million, against net profits of AED 58 million in the same period of 2019.

Source: Mubasher

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