|22 January, 2020

Integrated Logistics signs $11.5mln deal for BAPCO refinery

The contract carries a primary maturity period of two years

Image used for illustrative purpose. A cargo ship is seen docked at Khalifa Port at APM Terminals in Muharraq, Bahrain, September 11, 2018.

Image used for illustrative purpose. A cargo ship is seen docked at Khalifa Port at APM Terminals in Muharraq, Bahrain, September 11, 2018.

REUTERS/Hamad I Mohammed

Mubasher: Integrated Holding Company on Wednesday announced that its 100%-owned subsidiary, Integrated Logistics, signed a deal with the main contractor of the Bahrain Petroleum Company’s (BAPCO) refinery development project to provide and operate cranes.

The number of working cranes will increase to 92 from 75 with a lift force ranging between 50 tonnes and 1,250 tonnes at peak starting February 2020.

The contract carries a primary maturity period of two years, according to a bourse statement.

Moreover, the project is expected to generate revenues of around KWD 3.5 million during the execution period.

The financial impact is likely to reflect on the company's income statement starting from the first quarter (Q1) of 2020 as the project commences.

Translated by: Amal A. Wahaab

Source: Mubasher

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