19th Oct 2018 14:13
LONDON (Alliance News) - A consortium of companies led by Petrofac Ltd has won a clean fuel project in Thailand worth around USD4 billion.
Petrofac together with Saipem Spa and Samsung Engineering Co Ltd, was awarded the Thai Oil Public Co Ltd's clean fuels project, the oil & gas services company said Friday.
Petrofac's share of the project will amount to USD1.4 billion over four years.
The project will transform the oil refinery in Sriracha into an environmentally-friendly facility, producing transportation fuels. The project will also increase the refinery's production capacity to 400,000 barrels per day from 275,000 barrels per day.
"We are delighted to have secured this contract and to be leading the consortium on delivery of an important project that will enhance the country's long-term energy stability and economic development, and boost its output of high quality clean fuels," Petrofac Managing Director Sunder Kalyanam said.
Earlier on Friday, Petrofac said it completed the sale of a 49% stake in its Mexican operations to Perenco Oil & Gas International Ltd.
Shares in the FTSE 250-listed company were trading up 1.6% at 596.0 pence each on Friday afternoon.
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