Gas Arabian Services inks SAR 598m contracts with Saudi Power Procurement

Gas Arabian Services inks SAR 598m contracts with Saudi Power Procurement

Riyadh – Mubasher: Gas Arabian Services Company signed two contracts with Saudi Power Procurement Company at a total value of around SAR 598.01 million.

The first contract includes providing engineering, procurement, and construction (EPC) works at the Taiba GAS pipeline for SAR 256.10 million, excluding the value-added tax (VAT).

The second contract involves providing EPC works at the Qassim GAS pipeline for SAR 341.90 million, excluding VAT.

The two agreements have a duration of 22 months each and are expected to impact GAS Arabian’s financial statements in 2024 and 2025.

In February, Gas Arabian Services received two non-binding letters of intent (LoI) from the Saudi Arabian Oil Company (Aramco) to conduct EPC works for a total of SAR 760.87 million.

Gas Arabian Services registered a 98.79% surge in net profit after Zakat and tax to SAR 35.48 million from SAR 17.84 million in the first half (H1) of 2023.

Gas Arabian Services inks SAR 598m contracts with Saudi Power Procurement