SapuraKencana Petroleum Berhad (“SapuraKencana”) has expanded its global footprint by making its entry into Europe, securing a RM510 million contract for the Trans Anatolian Natural Gas Pipeline (“TANAP”) from TANAP Do?algaz ?letim A.S.
The contract, awarded to SapuraKencana via its wholly-owned subsidiary company, SapuraKencana TL Offshore Sdn. Bhd. (“SKTLO”), is for the Engineering, Procurement, Construction and Installation (“EPCI”) of offshore pipelines and fibre optic cables for TANAP, located offshore Dardanelles Strait in the Sea of Marmara. The project is scheduled to commence in the third quarter of 2016 and end in the third quarter of 2018.
TANAP is a strategic natural gas pipeline project that links the two continents of Europe and Asia, supplying natural gas from the Southern Gas Corridor project in Azerbaijan through Georgia and Turkey and onwards to Europe. TANAP is 58% owned by the State Oil Company of Azerbaijan Republic (“SOCAR”), 30% owned by the stated-owned Turkish BOTAS Petroleum Pipeline Corporation (“BOTAS”) and 12% owned by British Petroleum Plc (“BP”).
“This contract win demonstrates that our transformation and strategies are continuing to enhance our competitiveness globally. Our cost reduction efforts and increased operational effectiveness have driven this enhanced competitiveness that has helped us to secure our latest wins in Mexico and TANAP, both totalling just under RM1 billion. These wins will contribute positively to the Group’s performance,” said Tan Sri Dato’ Seri Shahril Shamsuddin, President and Group Chief Executive Officer of SapuraKencana.
To date, SapuraKencana has successfully secured a total of RM3.1 billion of new contract wins in the current financial year.
