Saudi Aramco signs a $2.2 billion contract with Spanish-Chinese JV for gas compression project
The project is awaiting final approval
Dubai: Saudi Aramco signs a non-binding letter of intent (LoI) with a joint venture comprising Spain’s Técnicas Reunidas and Chinese oil and gas company Sinopec, aiming to potentially develop three gas compression plants at Jafurah, Saudi Arabia's largest unconventional gas field.
Técnicas Reunidas is a Spanish-based general contractor which provides engineering, procurement and construction of industrial and power generation plants, particularly in the oil and gas sector.
The agreement includes plans for installing a 230kV power connection at the gas plant substation area and upgrading the water pump system, according to a statement by Técnicas Reunidas.
The project, valued at an estimated $2.24 billion (Dh 8.2 billion) is awaiting final approval.
Técnicas Reunidas holds a 60 per cent stake in the joint venture, with Sinopec owning the remaining 40 per cent.
The project is projected to span approximately 44 months, employing over 400 chemical engineers, as stated in the announcement.