In order to potentially develop three gas compression plants at Saudi Arabia’s largest unconventional gas field at Jafurah, Saudi Aramco signed a non-binding letter of intent (LoI) with a joint venture with Spain’s Técnicas Reunidas and Chinese oil and gas company Sinopec.
Spanish-based general contractor, Técnicas Reunidas provides engineering, procurement and construction of industrial and power generation plants, particularly in the oil and gas sector.
As per the statement issued by Técnicas Reunidas point of the agreement includes: plans for installing a 230kV power connection at the gas plant substation area and upgrading the water pump system.
The value of the project is estimated $2.24 billion (Dh 8.2 billion) and is awaiting final approval.
In this joint venture 60 per cent stake is held by Técnicas Reunidas while Sinopec owns the remaining 40 per cent.
