Sinopec wins bid for Saudi Arabia's large-scale project

Recently, Saudi Aramco issued a notice of winning the bid to the consortium formed by Sinopec and Spain's Tecnicas Reunidas (TR).

The above consortium will develop three natural gas compression plants for Saudi Arabia's Jafurah unconventional gas field, with an estimated total contract value of approximately US$2.24 billion and a construction period of 44 months.

In the consortium, Spain's TR company owns 60% of the shares and Sinopec owns 40% of the shares.

The project belongs to the third phase of the expansion of the Jafurah unconventional gas field. As early as July, the consortium received a letter of intent from Saudi Aramco and has started the EPC work of the project.

In addition, the bidding for the fourth phase compression facilities of the gas field will be held at the end of the year. According to people familiar with the matter, Sinopec is likely to continue to compete with international companies in this regard, and PetroChina CPECC will also participate in the bidding.