EPC project expected to be delivered within in next two years and is latest stage of Arkad’s successful expansion into European market.
(Khobar, KSA) – A consortium led by Saudi engineering and construction group Arkad has today signed a contract with state network operator Bulgartransgaz to construct the 474km Bulgaria Balcanstream pipeline.
The tender from Bulgartransgaz is to provide EPC+F services (engineering, procurement, construction and funding) on deferred payment scheme worth €1.3454 bn.
The pipeline will be delivered by a consortium made up of Arkad E&C, the $3bn Saudi engineering and construction group with over 9,000 staff, and Arkad-ABB, which is a joint venture between Arkad and ABB, and is headquartered in Milan. It will be responsible for the construction and delivery of a 48 inch, 474 km (295 mile) pipeline linking Bulgaria’s southern border with Turkey to its western border with Serbia.
The consortium expects to begin work on 18 September 2019, and the targeted date of project completion for the whole pipeline system will be 615 days from the letter of assignment date.
Commenting on the announcement, Hani Abdulhadi, Managing Director of Arkad E&C said, “We are delighted to sign this important and strategic contract with Bulgartransgaz and look forward to working with them as partners. This major project will be transformational for Europe’s energy security and will create major benefits to Bulgaria; we look forward to delivering the pipeline system to world-class standards.”
Abdulhadi added, “For Arkad this is a major milestone for the company. Over the last decade we have established a track-record in Saudi Arabia for delivering major pipelines projects on-time, on-budget and to the highest quality and safety standards; this project will be the cornerstone in our long-term plan to participate in more projects across Europe and beyond.”
© Press Release 2019Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
