Friday, 5 March 2010

EEI clinches $141-m Saudi contract

by Jenniffer B. Austria
Manila Standard
http://www.manilastandardtoday.com/insideBusiness.htm?f=2010/march/5/business5.isx&d=2010/march/5

EEI Corp., a construction company owned by the Yuchengco group, said Thursday that its joint venture company in Saudi Arabia bagged a $140.9-million contract.

EEI said in a disclosure to the Philippine Stock Exchange that Al Rushaid Construction Co. Ltd. clinched a sub-contract package from JGC Arabia Ltd. to provide construction service for the central processing facilities of Saudi Arabian Oil Co. in Manifa, Saudi Arabia.

The Manifa project aims to increase Saudi Arabia’s oil output by 900,000 barrels a day.

“The work that ARCC will undertake is part of the package contract awarded to JGC, which involves the engineering, procurement and construction services for utilities, storage and shipping facilities for central processing facilities,” EEI said.

Site works will start on September.

Al Rushaid Construction has strong relations with JGC Corp. and Saudi Aramco. The company is currently the subcontractor for another JGC Arabia Ltd. project for National Chevron Phillips’ ethylene plant in Jubail Industrial City in Saudi Arabia.

It is also service provider of Saudi Aramco in a project involving the replacement and upgrading of flare tips of several gas oil separation plants in the eastern region of Saudi Arabia.

Other current projects of EEI in Saudi Arabia are the Shuquiq II independent water power plant and the Qurayyah power plant of Saudi Electric Co., both under contracts with Mitsubishi Heavy Industries.

EEI is a member of the Yuchengco group of companies, a leading conglomerate with interests in banking, insurance and financial services, education and property development.

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