18th May 2023 11:29
(Alliance News) - Petrofac Ltd on Thursday said a joint venture that it leads has been selected for a USD1.5 billion petrochemical engineering, procurement and construction project in Algeria.
Petrofac shares rose 12% to 74.29 pence each on Thursday morning in London. The stock still is down 53% over the past 12 months.
The award for the contract was by Step Polymers SPA, which is a fully-owned subsidiary of Sonatrach Spa, Algeria's national state-owned oil company. It is a downstream project that will form part of the Arzew Industrial Zone in the west of Algiers for Algeria's energy strategy. Petrofac said it has a 25-year track record in the north African country, it noted.
The total value of the contract is about USD1.5 billion, with Petrofac's share about USD1 billion.
Elie Lahoud, chief operating officer for Petrofac's Engineering & Construction division, said: "As our client responds to the world's increasing demand for petrochemical products, we are looking forward to developing our breadth of experience in-country, through the safe and timely delivery of this project."
By Tom Budszus, Alliance News reporter
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