Maire Tecnimont wins $500mln Saudi petchem units contract

The project completion is expected by the second quarter of 2024

  
Image used for illustrative purpose. Petrochemical plant at dusk.

Image used for illustrative purpose. Petrochemical plant at dusk.

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Maire Tecnimont said it has secured a $500-million engineering, procurement and construction lumpsum turnkey contract from Advanced Global Investment Company (AGIC) for the establishment of two polypropylene units in Saudi Arabia.
 
A leading Italian oil services group, Maire Tecnimont said the contract was awarded to its subsidiaries Tecnimont and Tecnimont Arabia. The scope of work includes complete engineering services, equipment and out-of-kingdom material supply (to be performed by Tecnimont) and in-kingdom material supply, erection and construction activities up to start up and guarantee test run (to be performed by Tecnimont Arabia).
 
The project completion is expected by the second quarter of 2024.
 
Once operational, these units will each have a capacity of 400,000 tonnes per year and will be located inside the Integrated PDH-PP (propane dehydrogenation - polypropylene) complex in Jubail Industrial City II.
 
AGIC is a wholly owned subsidiary of Advanced Petrochemical Company, a Saudi joint stock company established in 2005 and listed on the Saudi Stock Market since 2006.
 
It manufactures polypropylene products for a range of industries including automotive, consumer product, healthcare, packaging, and textile.
 
On the contract win, CEO Pierroberto Folgiero said: "We are really enthusiastic to start a new valuable relationship with such a prominent client in one of our historical and most strategic markets in the petrochemicals sector."
 
"This achievement provides further evidence of Maire Tecnimont Group’s global leadership in polyolefins, its technology-driven approach and distinctive competencies in managing large complex projects," noted Folgiero.
 
"Moreover, this important result represents another significant milestone of our Gas Monetization strategy, enabling us to be geared up for Saudi Arabia’s large wave of investments in downstream," he added.-TradeArabia News Service

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