(WO) – Petrofac has entered into a definitive agreement with STEP Polymers SPA (‘STEP’, a 100% subsidiary of Sonatrach) for the design and build of its petrochemical complex in the Arzew Industrial Zone in Algeria.
As previously announced, Petrofac will deliver the $1.5 billion project with its joint venture partner, China Huanqiu Contracting & Engineering Corporation (HQC), with Petrofac’s share valued at over $1 billion.
Tareq Kawash, Petrofac’s Group Chief Executive, said, “Broadening Petrofac’s portfolio within the petrochemical sector, this contract builds on our 25-year track record of safely delivering strategically significant energy infrastructure in Algeria, while developing local workforces.”
Source: www.worldoil.com
Author: World Oil Staff