Maire Tecnimont wins $500mln order in Saudi Arabia, shares rise

The contract was awarded to Maire's units Tecnimont SpA and Tecnimont Arabia Limited

  
Petrochemical Plant. Image used for illustrative purpose.

Petrochemical Plant. Image used for illustrative purpose.

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Maire Tecnimont has won a $500 million engineering, procurement and construction lump sum turnkey contract related to the set up of two polypropylene units in Saudi Arabia, the Italian oil services group said in a statement on Tuesday.

The contract was awarded to Maire's units Tecnimont SpA and Tecnimont Arabia Limited by Advanced Global Investment Company (AGIC), a unit of Saudi Arabia-based petrochemical company Advanced Petrochemical.

The polypropylene units will each have a capacity of 400,000 tonnes per year and will be located in an industrial complex in the city of Jubail, the company added. The project is expected to be completed by the second quarter of 2024.

Maire Tecnimont shares extended their gains after the contract was announced, rising 3.1% by 1352 GMT, outperforming a flat Milan All-Share index.

(Reporting by Federica Urso, editing by Agnieszka Flak) ((Gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))

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