Engineers India expects gains from Middle East plans to bypass Hormuz
Engineers India expects gains from Middle East plans to bypass Hormuz Sept 18 (Reuters) - Engineers India ENGI.NS on Friday said it expects to benefit from major Middle Eastern clients' plans to invest in infrastructure to bypass the Strait of Hormuz, the vital energy waterway that has been largely shut since the start of the Iran war.
Here are some details from a press conference:
The state-run engineering and consultancy company is in talks with the United Arab Emirates and Saudi Arabia, which are planning to build oil facilities including pipelines, oil terminals and marine infrastructure to bypass the strait, said Chairman Atul Gupta after the company's annual shareholder meeting.
"There has been a slowdown in order inflows from the region... Definitely the conflict has opened more opportunities for us," said Gupta.
He said the company's current order book of 170 billion rupees ($1.77 billion) will expand as the situation in the Middle East improves.
The UAE is planning to build more underground oil storage facilities at Fujairah, Gupta said.
Engineers India opened an office in Saudi Arabia in February and already has a branch in the UAE.
($1 = 95.8725 Indian rupees)
(Reporting by Nidhi Verma in New Delhi, Writing by Aleef Jahan in Bengaluru; Editing by Harikrishnan Nair)
((aleefjahan.cs@thomsonreuters.com;))
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