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Aramco Close to Awarding Gas Project Contract to Tecnicas Reunidas

Source: Reuters 11/7/2017, Location: Middle East

Saudi Aramco is close to awarding a contract to Spanish engineering group Tecnicas Reunidas, industry sources said. “TR received a letter of intent from Aramco,” said one of the sources.

Sources told Reuters last month that TR offered the lowest bids to build the gas compressor stations that will help boost gas supplies from Haradh and Hawiyah. The estimated bid value is about $2.3-2.4 billion, sources familiar with the matter said.

Tecnicas Reunidas has not yet signed the contract with Aramco. However, one of the sources said it was expected to do so in the following weeks.

Saudi Aramco did not respond to a request for comment, while no one at Tecnicas Reunidas could immediately be reached for comment.

Hawiyah and Haradh are part of Ghawar, the world’s largest onshore oilfield. Saudi Aramco plans to nearly double gas production to 23 billion standard cubic feet a day in the next decade as gas will play a key role towards a diversified energy mix.

Despite falling oil prices, Saudi Aramco is pushing ahead with energy projects that it has listed as a priority for the long term to keep the world well supplied with oil, while meeting domestic gas demand to fuel industrial growth.

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