Strategically significant contract awards9 Nov 2023 16:37
Kawash reveals, “The two ADNOC projects, which have a combined value of more than $1.3 billion, see us extend our credentials in one of our home markets and deepen our relationship with one of our longest-standing clients. They are both decarbonisation related, one by increasing the production of lower-intensity gas, and the other by capturing emissions from operational assets. Also, a key factor is the Petrofac approach to in-country value, with a commitment to maximise local delivery, invest in the local supply chain, and develop local teams.
“The TenneT framework agreement, being delivered jointly with Hitachi Energy and valued at approximately $13.7 billion, is the largest in our history. So, it is significant for its scale and firmly positions us as a global leader in renewables and new energies. It also has an innovative approach to contracting and collaboration, which brings significant benefits to the client in a highly constrained supply market. This gives everyone forward visibility, and enables the delivery teams to plan ahead, secure resources accordingly, and implement a true ‘design-one-build-many’ methodology.
“Meanwhile, the $1.5 billion Algerian contract, being delivered as a joint venture with China Huanqiu Contracting and Engineering Corporation, is the first major petrochemicals project for both Sonatrach and Petrofac. For Sonatrach, it diversifies operations and reduces its reliance on hydrocarbon exports. For us, it extends a relationship with a key client, strengthens our downstream credentials, and demonstrates our ability to expand into adjacent sectors.”
Sign In
Follow the stocks
