Italy’s Maire Tecnimont wins $2 billion Saudi Arabia petrochemical contracts


(Reuters) – Italian engineering group Maire Tecnimont (MTCM.MI) said it has won two contracts valued at about $2 billion related to a petrochemical expansion at the SATORP refinery in Saudi Arabia.

SATORP refinery, located in Jubail, Saudi Arabia, is a joint venture between Saudi Aramco and French company TotalEnergies.

The engineering, procurement and construction lump sum turnkey contracts will drive the Italian oil services group’s revenues growth for 2023 and beyond, the company said in a statement on Saturday.

The contracts will bring its year-to-date order intake to over 2.6 billion euros ($2.83 billion), it added.

“These awards will provide a significant addition to our already large 8 billion euro backlog, increasing revenues visibility in the short- and medium-term,” Chief Executive Officer Alessandro Bernini said in a statement.

Earlier on Saturday, Saudi Arabian Oil Company (Aramco) (2222.SE) and TotalEnergies (TTEF.PA) signed an $11 billion contract to start building a new petrochemicals complex in Saudi Arabia.

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