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FINANCIAL NEWS
Abu Dhabi awards $5.6b deals for Shah project
02 May 2010
(MENAFN) The Abu Dhabi National Oil Company (Adnoc) announced that it has awarded contracts worth $5.6 billion for the Shah gas field to several international developers, shortly after ConocoPhilips pulled out from the project, Reuters reported
Italy?s Saipem emerged as the biggest winner as it won three contracts, worth a total of around $3.1 billion, for a gas process plant, sulphur recovery and product pipelines.
South Korea?s Samsung Engineering won a $1.5 billion contract for the utilities and offsite package. Also, a consortium of Spain?s Tecnicas Reunidas and India?s Punj Lloyd secured a $463 million gas gathering package.
The Shah scheme is to pump and purify gas with a high content of potentially deadly sulphur dioxide, making it tougher and more expensive to produce than conventional gas.
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