The French contracting giant Technip has announced that it has signed a memorandum of understanding (MoU) with Saudi Arabian contractor SaudConsult to set up a 50/50 joint venture company aimed at developing a new engineering centre in the KSA.
In a statement the company said that the planned Engineering Centre of Excellence will be located in Al Khobar, Saudi Arabia and will focus on front end engineering design (FEED), detailed engineering, procurement and construction management (EPCM) services serving Saudi Arabia’s oil, gas, petrochemical and other industries.
“Our partnership will give us the opportunity to develop a world-class engineering centre in Saudi Arabia, with a strong local content and a high international profile,” Thierry Pilenko, Technip’s chairman and CEO said.
“This move is in line with our group’s strategy to increase proximity to the Middle East market through the development of local operating centres,” he added.
The statement also said that the facility is expected to begin operations by mid 2010 with about 500 employees. The cost of the venture was not disclosed.
