Petroleum Development Oman (PDO) for the Zauliyah gas plant has declared that it will be granting RO40.9mn contract to the joint venture (JV) amid Al Hassan Engineering Company and Spain's Tecnicas Reunidas SA. The project has been reported to be worth $106.3 million.
Further, it has been detailed that both the companies had filed tenders to obtain this contract, with shares in the ratio of 70% to 30%.
The announcement was made on Monday. Al Hassan will be the owner of 70% shares of the gas plant contract and Tecnicas Reunidas will avail 30% of the total contract value.
The companies will be responsible for the engineering, acquisition, construction and expenses incurred, under the contract for the Zauliyah gas plant.
Al Hassan asserted that the project will take an estimated three years to be completed. Al Hassan said, "Its scope includes modular based gas plant [on-plot] and associated off-plot works. The date of commencement is October 9, 2012. We expect a reasonable income from this project".
In a statement to the Muscat Securities Exchange, Al Hassan, affirmed that they are expecting that they will be able to earn reasonable amount form the project.
Nevertheless, Al Hassan Engineering Co has given another contract by Oman Oil Company Exploration and Production, which is worth RO9.5mn, to build export pipelines near Ibri.
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