ID :
69453
Tue, 07/07/2009 - 22:47
Auther :
Shortlink :
https://www.oananews.org//node/69453
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SATORP signs 13 Contracts for its Mega Jubail Exports Refinery
Dhahran, Saudi Arabia, July 07, SPA -- The signing ceremony of 13
Engineering, Procurement and Contracting (EPC) contracts awarded for
Saudi Aramco Total Refining and Petrochemical Company (SATORP)'s
mega-project - the Jubail Export Refinery, took place today.
The agreements were signed by SATORP's President & CEO, Salem H.
Shaheen, and the Presidents of the contractor companies.
The ceremony was attended by the Chairman of SATORP's Board of
Directors, Engr. Samir A. Al-Tubayyeb, together with a number of
Saudi Aramco and Total officials, as well as representatives from the
contractor companies.
With a total investment amounting to US $9.6 billion, the Jubail
Refinery joint venture stands out as one of the most strategic
projects for both Saudi Aramco and the Kingdom of Saudi Arabia.
On its completion, the new refinery will be one of the most advanced
refineries worldwide, transforming Arabian Heavy Crude into high
specification products that are intended to meet the ever increasing
demand for environment-friendly fuel types. Efficiently benefiting
from its strategic location to meet both local and international
demand.
In his opening speech, Engr. Salem H. Shaheen, SATORP's President &
CEO, emphasized that the Company has awarded 15 pre-planned EPC
contracts to a number of highly experienced local and international
companies for the execution of its joint venture project.
Shaheen said that SATORP had encouraged local companies to
participate in the execution of this huge project and to compete for
the EPC contracts, in line with the Company's policies and
objectives. Consequently, following the bidding results that were
announced in synchronization with the 5th Board of Directors meeting
held recently in Paris, a number of contracts were awarded to Saudi
entities.
Shaheen also commented that 25% of the Company's shares will be
timely offered to the Saudi nationals in an Initial Public Offer
(IPO) after finalization of the relevant procedures, eventually
leaving Saudi Aramco and Total each with a 37.5% share of the
Company's ownership.
He added that this project is a clear indication of how stable the
investment environment in Saudi Arabia is in various economic
sectors, which has prompted many international companies to seek
local investment opportunities.
Shaheen also pointed out that the project will add value to the
local economy by providing jobs and creating more investment
opportunities for Saudi businessmen during subsequent industrial
stages.
It is estimated that the refinery will produce about 1,200 direct
employment opportunities, each of which will provide 5 to 6 indirect
job opportunities.
--SPA
Engineering, Procurement and Contracting (EPC) contracts awarded for
Saudi Aramco Total Refining and Petrochemical Company (SATORP)'s
mega-project - the Jubail Export Refinery, took place today.
The agreements were signed by SATORP's President & CEO, Salem H.
Shaheen, and the Presidents of the contractor companies.
The ceremony was attended by the Chairman of SATORP's Board of
Directors, Engr. Samir A. Al-Tubayyeb, together with a number of
Saudi Aramco and Total officials, as well as representatives from the
contractor companies.
With a total investment amounting to US $9.6 billion, the Jubail
Refinery joint venture stands out as one of the most strategic
projects for both Saudi Aramco and the Kingdom of Saudi Arabia.
On its completion, the new refinery will be one of the most advanced
refineries worldwide, transforming Arabian Heavy Crude into high
specification products that are intended to meet the ever increasing
demand for environment-friendly fuel types. Efficiently benefiting
from its strategic location to meet both local and international
demand.
In his opening speech, Engr. Salem H. Shaheen, SATORP's President &
CEO, emphasized that the Company has awarded 15 pre-planned EPC
contracts to a number of highly experienced local and international
companies for the execution of its joint venture project.
Shaheen said that SATORP had encouraged local companies to
participate in the execution of this huge project and to compete for
the EPC contracts, in line with the Company's policies and
objectives. Consequently, following the bidding results that were
announced in synchronization with the 5th Board of Directors meeting
held recently in Paris, a number of contracts were awarded to Saudi
entities.
Shaheen also commented that 25% of the Company's shares will be
timely offered to the Saudi nationals in an Initial Public Offer
(IPO) after finalization of the relevant procedures, eventually
leaving Saudi Aramco and Total each with a 37.5% share of the
Company's ownership.
He added that this project is a clear indication of how stable the
investment environment in Saudi Arabia is in various economic
sectors, which has prompted many international companies to seek
local investment opportunities.
Shaheen also pointed out that the project will add value to the
local economy by providing jobs and creating more investment
opportunities for Saudi businessmen during subsequent industrial
stages.
It is estimated that the refinery will produce about 1,200 direct
employment opportunities, each of which will provide 5 to 6 indirect
job opportunities.
--SPA
