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L&T JV Company bags Saudi Aramco Contract

Posted On: 2013-06-05 10:51:15

A Joint Venture Company of L&T - Larsen Toubro Arabia LLC, has achieved a major breakthrough in the Kingdom of Saudi Arabia by securing a large EPC contract from the Saudi Arabian Oil Company (Saudi Aramco). Larsen Toubro Arabia is one among multiple joint ventures of L&T in the high- growth markets of the GCC countries.

The contract is for setting up gas processing facilities, for the Midyan Gas Fields, with a capacity to treat 75 MMSCFD of gas and 4500 BPD of condensate, and the laying of over 90 km of gas and condensate product pipelines. The project is scheduled to be completed in 37 months.

The purpose of the facilities is to efficiently meet the Kingdom's energy demands in the west coast region.

The prestigious contract is part of L&T's strategic growth plan in the international hydrocarbon sector. L&T has been making significant strides in engineering and construction in the international market through its well established capabilities in the execution and delivery of turnkey solutions and services. As with all other projects being executed by the L&T Group, Midyan Project will maintain standards of health, safety & environment, engineering, procurement, project and construction management, quality and delivery that conform to Saudi Aramco standards.

The concept for the Midyan Gas Processing Facilities Project is to collect gas and process it in a modular gas plant, and export treated gas to a proposed power plant in a location approximately 90 km from Midyan.

The scope of the contract includes project management, detailed engineering, procurement, supply, fabrication, manufacturing, inspection, transportation, construction, installation, testing, mechanical completion, pre-commissioning, commissioning assistance including performance testing.

In the past, L&T has worked for establishing onshore gas processing complexes for Reliance Industries Limited at Kakinada, Cairn Energy at Barmer and gas treatment projects at Uran and Hazira for ONGC. Currently, L&T is executing two projects for PDO, Oman viz. Lekhwair Gas Field Development Project and Saih Rawl depletion project and an export gas compression facility upgrade for Dolphin Energy Limited, Qatar. With significant growth potential in the natural gas market in the Kingdom, this order is strategic from the point of view of L&T's capability to execute such projects in an extremely competitive environment.

Shares of Larsen & Toubro Ltd was last trading in BSE at Rs.1419.50, up by Rs.10.30 or 0.73%. The stock hit an intraday high of Rs.1425.40 and low of Rs.1396.05.

The total traded quantity was 1.65 lakhs compared to 2 week average of 2.73 lakhs.


Source: Equity Bulls

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