Energy giant Saudi Aramco has entered into a joint alliance agreement valued at over $3.3 billion to develop a retail project for liquified natural gas (LNG) in Saudi Arabia.
This alliance brings together Aramco with Spanish company Technicas Reunidas and Chinese group Sinopec Engineering (Sinopec).
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In a statement released on Monday, Technicas Reunidas confirmed that the agreement encompasses engineering, procurement, and construction work. It includes the construction of Phase I LNG distilleries, as well as joint facilities in Phase II of Al-Riyas project, which includes storage and export facilities.
▶️ Técnicas Reunidas y Sinopec International Petroleum Service Corporation consiguen 𝗱𝗼𝘀 𝗰𝗼𝗻𝘁𝗿𝗮𝘁𝗼𝘀 𝗲𝗻 𝗔𝗿𝗮𝗯𝗶𝗮 𝗦𝗮𝘂𝗱í 𝗽𝗼𝗿 𝗺𝗮́𝘀 𝗱𝗲 𝟯.𝟯𝟬𝟬 𝗺𝗶𝗹𝗹𝗼𝗻𝗲𝘀 𝗱𝗲 𝗱𝗼́𝗹𝗮𝗿𝗲𝘀.
👉 Aramco ha seleccionado a una “joint venture” integrada por Técnicas… pic.twitter.com/2BGfq0T8iu
— Técnicas Reunidas (@Tecnicas_reun) January 22, 2024
Highlighting the project’s significance, the Spanish company emphasized that the investments resulting from these contracts exceed $3.3 billion. Sinopec will own 65 percent of the project and Tecnicas Reunidas will have a 35 percent share.
Al-Riyas is a major project that Aramco relies on to enhance its capabilities in the retailing of natural gas. It is expected to contribute significantly to the strengthening of the Saudi economy and the creation of employment opportunities.
The alliance represents a strategic step towards strengthening international cooperation in the energy sector, and it is the first project granted by Aramco to Technicas Reunidas following the strategic alliance with Sinopec Engineering Group.
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