Oil & Gas Aramco awards $3.3bn contract for new gas facilities By Pramod Kumar January 23, 2024, 4:41 AM Saudi Aramco Saudi Arabia's Jafurah unconventional gas field is the largest liquid-rich shale gas play in the Middle East Saudi Aramco, the world’s largest oil producer, has awarded a $3.3 billion contract to a joint venture between Spain’s Técnicas Reunidas and China’s Sinopec Engineering Group to develop new natural gas liquids (NGL) fractionation facilities in Saudi Arabia. Two engineering, procurement and construction (EPC) contracts were awarded for the Riyas NGL facilities at Jafurah gas field, which include utilities, storage and export facilities, the Spanish engineering company said in a statement. The joint venture is 65 percent owned by Técnicas Reunidas and 35 percent by Sinopec. Saudi Aramco doubles funds for venture capital arm Chinese refiners ask for less Saudi oil despite price cut Costs blow for Saudi firms after Aramco price rises The new facilities will produce 510,000 barrels per day of NGLs. The first EPC contract is expected to be completed in 46 months, while the second contract will take 41 months. In its third quarter 2023 financial statement, Aramco said it would invest in its growing, integrated portfolio through the largest capital programme in its history, and energy demand was likely to increase over the mid-to-long term. Capital expenditures stood at SAR41.4 billion ($11 billion) during the third quarter, reflecting Aramco’s intention to meet rising demand by “capturing unique investment opportunities”, the company said. Saudi Basic Industries Corporation (Sabic), 70 percent owned by Saudi Aramco, said this week it will start developing a $6.4 billion petrochemicals complex in Fujian, China, in the first half of 2024.
