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Petrofac Ltd on Monday said it signed a definitive engineering, procurement and construction agreement with Sonatrach Spa subsidiary, STEP Polymers SPA, for the construction of a petrochemical complex in the Arzew industrial zone in Algeria.
Petrofac is a London-headquartered company which designs, builds, manages and maintains energy infrastructure and has its core markets in the Middle East and North Africa region. Sonatrach is Algeria’s national state-owned oil company.
Petrofac said it will deliver the $1.5 billion project with its joint venture partner China Huanqiu Contracting & Engineering Corp, with Petrofac’s share worth over $1 billion.
Petrofac Chief Executive Officer Tareq Kawash said: ‘Broadening Petrofac’s portfolio within the petrochemical sector, this contract builds on our 25-year track record of safely delivering strategically significant energy infrastructure in Algeria, while developing local workforces.’
Petrofac shares were 1.0% lower at 73.30 pence each on Monday morning in London.
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