L&T Construction bags contract to build one of world’s largest oil & gas supply bases in Saudi Arabia
The buildings & factories business of Larsen & Toubro Construction has secured a significant contract from Oilfields Supply Company in Saudi, owned by Dubai-based Oilfields Supply Center Ltd to design and build one of the world's largest oil & gas supply bases at King Salman Energy Park, Dammam (Kingdom of Saudi Arabia).
The estimated cost of this project is Rs 1,000 to Rs 2,500 crore.
The project involves constructing industrial facilities of different sizes, an administration building, ancillary buildings, associated infrastructure, and storage yards along with civil, structural, MEP & architectural works. The project is scheduled to be completed in 30 months.
The company’s management informed that this project would act as a business incubator to support the oil & gas industry in the Kingdom and help accelerate industrial growth in the energy sector. It has strategic significance for L&T too, marking its future growth in such a potential-rich market like the Kingdom of Saudi Arabia.
L&T’s order book as of December 31, 2020, stands at Rs 3.31 lakh crore, which includes the highest-ever orders won in December 2020 quarter.
On Thursday, the stock of L&T was trading 1.6 per cent lower at Rs 1,310.25 from its previous close of Rs 1,331.50 on BSE.