L&T Construction bags contract to design and build one of the world's largest oil & gas supply bases

The Buildings & Factories business of Larsen & Toubro Construction has secured a Significant contract from Oilfields Supply Company Saudi owned by the Dubai based Oilfields Supply Center Ltd. to design and build one of the World's largest Oil & Gas Supply Bases at King Salman Energy Park, Dammam, Kingdom of Saudi Arabia.

The project involves constructing industrial facilities of different sizes, an administration building, ancillary buildings, associated infrastructure and storage yards along with Civil, Structural, MEP and Architectural works. The project is scheduled to be completed in 30 months.

"We thank our client, for reposing confidence in our capability to build a project of such size and scale," said Mr. M V Satish, Whole Time Director & Senior Executive Vice President (Buildings), L&T. Elaborating on its significance, he added "this project will act as a business incubator to support the oil and gas industry in the Kingdom and help accelerate industrial growth in the energy sector. It has strategic significance for L&T too, marking our future growth in such a potential-rich market like the Kingdom of Saudi Arabia.

Shares of LARSEN & TOUBRO LTD. was last trading in BSE at Rs.1331.5 as compared to the previous close of Rs. 1310.8. The total number of shares traded during the day was 158558 in over 7617 trades.

The stock hit an intraday high of Rs. 1339.45 and intraday low of 1318.2. The net turnover during the day was Rs. 210689646.

Source : Equity Bulls

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