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FINANCIAL NEWS
Saudi Safco awards Sapiem USD600m contract
14 Jan 2012
(MENAFN) Saudi Arabian Fertilizer Co. (Safco) awarded a USD600 million engineering contract to Saipem, Arab News reported.
Sapiem, controlled by Italy’s Eni SpA said to carry out Safco’s fifth expansion of the industrial complex of Al-Jubail (Safco V), which includes the development of a new urea plant, 100 km north of Dammam, scheduled to be completed in the first half of 2014.
Under the contract, Sapiem will carry out the engineering, procurement and construction works of a new plant with a production capacity of 3,250 tons per day of urea, based on the Snamprogetti proprietary technology, along with associated utilities as well as off-site systems and interconnecting structures with existing plants.
Saipem has also agreed to various increases in the scope of its work on existing onshore contracts.
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