Arabtec subsidiary wins Dhs196m contract from Saudi Aramco – Gulf Today

Arabtec subsidiary wins Dhs196m contract from Saudi Aramco – Gulf Today

Arabtec subsidiary wins Dhs196m contract from Saudi Aramco

5 hours ago

People walk past the Arabtec headquarters in Abu Dhabi. File/Reuters

Arabtec Holding, a contractor for social and economic infrastructure, on Tuesday announced that its wholly-owned subsidiary, Target Engineering Construction Company, has been awarded around SAR200 million (Dhs196m) contract by Saudi Aramco for the replacement of five storage tanks at Ras Tanura Refinery in the Eastern Province.

A unit of Arabtec Holding, the Dubai-listed construction company, won a 200 million Saudi riyal (Dh196m) contract from Saudi Aramco for the replacement of storage tanks at Ras Tanura refinery in Saudi Arabia. Target Engineering Construction Company, a wholly owned subsidiary of Arabtec, won the contract, the company said in a statement to the Dubai Financial Market, where its shares trade.

In a statement by the company on the Dubai Financial Market website, Arabtec said that the project scope of works includes the replacement of three naphtha storage tanks and two slop oil storage tanks.

Commenting on the announcement, Arabtec's Group Chief Executive Officer, Wail Farsakh, said, "We are delighted to be continuing to build our relationship with Saudi Aramco in the Kingdom of Saudi Arabia. In line with our strategy, this important award further builds the group's