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A senior Middle East official from one of the world’s largest oil and gas contractor has said that US$21 billion of contracts will be awarded in the UAE over the next six to nine months.
Local newspaper the Gulf News reported that Arturo Grimaldi, senior vice president Middle East for the French contracting giant Technip said that the engineering, procurement and construction awards will be made despite the global recession, due to the need to increase oil production to meet future demand.
“Around $40 billion worth of EPC contracts will be awarded in Qatar, Saudi Arabia and Kuwait in the coming three years,” Gulf News quoted Grimaldi as saying.
Grimaldi’s comments are reflected by the fact that Technip has been awarded a number of high profile EPC contracts in the Middle East during 2009. The company was awarded two contracts worth a total of $3 billion by the $9.6 billion Saudi Aramco Total Refining Co (Satorp) oil refinery at Jubail as well as a $400 million pipeline contract for Takreer in Abu Dhabi.Â
