4th Apr 2008 07:00
Petrofac Limited04 April 2008 PETROFAC LIMITED PETROFAC AWARDED EBLA GAS PLANT PROJECT IN SYRIA, AGREES TO ACQUIRE EQUITY IN PRODUCTION SHARING CONTRACT Petrofac, the international oil & gas facilities service provider, has beenawarded a US$477 million lump-sum contract by Petro-Canada Palmyra to constructa gas treatment plant for the Ebla project in Syria. In the Ebla project, Petro-Canada is operator with a 100% interest in aproduction sharing contract to develop and produce natural gas from the AshShaer and Cherrife fields. First gas is scheduled for delivery in 2010. Subsequent to the contract award, Petrofac's Energy Developments division hasagreed in principle with Petro-Canada to purchase a 10% interest in the Eblaproduction sharing contract, subject to the approval of the Syrian government. The Ebla gas treatment plant will be located in the Ash Shaer field between Homsand Palmyra. The initial contract, which will last just over two years, willinclude all associated facilities and infrastructure, including engineering,procurement and construction, commissioning and start-up assistance of the gastreatment plant, pipelines, gas gathering station flow lines and well sites. TheEbla plant will be designed to produce 88 million standard cubic feet of salesgas per day, 150 tonnes of liquid petroleum gas per day and handle theassociated condensate; sales gas and condensate will be fed into the Syrianpipeline grid and LPG will be transported via tankers. Commenting on the award, Maroun Semaan, Chief Executive, Petrofac Engineering &Construction, said: "This is another significant award in Syria for Petrofacwhich, taken together with the Jihar gas plant award, provides us with almostUS$1 billion of work in a country where we have successfully worked on a numberof projects. It confirms our position as a leading and successful contractor inthe gas processing sector." Ayman Asfari, Petrofac's Group Chief Executive added: "We are delighted to havebeen offered the opportunity to partner with Petro-Canada and the SyrianGovernment and we look forward to demonstrating the benefits of our integratedservice offering on this exciting development." Peter Kallos, Petro-Canada's Executive Vice-President, International & Offshore,commented: "We are very pleased to have Petrofac's involvement on this project,which offers significant potential to Petro-Canada and our partners but has ademanding schedule for delivery of first gas. This agreement will be a majorfactor in successful execution of the project." Ends For further information, please contact: Petrofac Limited +44 (0) 20 7811 4900Ayman Asfari, Group Chief ExecutiveKeith Roberts, Chief Financial OfficerJonathan Low, Head of Investor Relations Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232Ann-marie WilkinsonOlly Scott Petrofac Petrofac is a leading international provider of facilities solutions to the oil& gas production and processing industry, with a diverse customer portfolioincluding many of the world's leading integrated, independent and national oil &gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC) andis a constituent of the FTSE 250 Index. Through its three divisions, Engineering & Construction, Operations Services andEnergy Developments, Petrofac designs and builds oil & gas facilities; operates,maintains or manages facilities and trains personnel; and, where it can leverageits service capability, develops and co-invests with clients and partners.Petrofac's range of services allows it to help meet its customers' needs acrossthe life cycle of oil & gas assets. With more than 9,500 employees, Petrofac operates out of four strategicallylocated international centres, in Aberdeen, Sharjah, Woking and Mumbai and afurther 20 offices worldwide. The predominant focus of Petrofac's business is onthe UK Continental Shelf (UKCS), Africa, the Middle East, the Commonwealth ofIndependent States (CIS) and the Asia Pacific region. For additional information, please refer to the Petrofac website at www.petrofac.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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