Saipem has been awarded a new contract in the onshore E&C sector worth approximately $750 million, the company said on Feb. 15.
Work involves engineering, procurement, construction and commissioning in the framework of the development of the Duqm Refinery situated near the coast in northeast Oman.
The contract was awarded by Duqm Refinery and Petrochemical Industries Co. LLC, a joint venture between the Oman Oil Co. and Kuwait Petroleum International Ltd. Once completed, the refinery will have a capacity of around 230,000 barrels per day.
“We welcome with particular satisfaction the awarding of this new contract which signals the relaunch of our activities in Oman, a country in which Saipem has operated successfully in the past,” Stefano Cao, Saipem’s CEO, said.
Recommended Reading
Matador Offers $750 Million in Senior Notes Following Ameredev Deal
2024-09-20 - Matador Resources will offer $750 million in senior notes following the close of its $1.83 billion Ameredev II acquisition.
Souki’s Saga: How Tellurian Escaped Ruin with ‘The Pause,’ $1.2B Exit
2024-09-11 - President Biden’s LNG pause in January suddenly made Tellurian Inc.’s LNG export permit more valuable. The company’s July sale marked the end of an eight-year saga—particularly the last 16 months, starting with when its co-founder lost his stock, ranch and yacht in a foreclosure.
BPX’s Koontz: The Rise of a Shale Man
2024-07-02 - CEO Kyle Koontz takes the reins of BPX Energy’s rapid onshore growth amid big changes at BP.
Aethon, Murphy Refinance Debt as Fed Slashes Interest Rates
2024-09-20 - The E&Ps expect to issue new notes toward redeeming a combined $1.6 billion of existing debt, while the debt-pricing guide—the Fed funds rate—was cut on Sept. 18 from 5.5% to 5%.
Wildcatter at Heart: Autry Stephens (1938-2024)
2024-08-18 - Legendary wildcatter Autry Stephens, founder and chairman of Midland Basin E&P Endeavor Energy Resources, stayed true to his “never sell” strategy.