REG-Petrofac Limited Petrofac Limited: Petrofac confirms signing of US$1.5 billion EPC contract in Algeria

PetrofacAnnouncement

12/06/2023 07:00

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   Petrofac Limited ( PFC)
   Petrofac Limited: Petrofac confirms signing of US$1.5 billion EPC contract
   in Algeria

   12-Jun-2023 / 07:00 GMT/BST

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                                 Press Release

    

    

   12 JUNE 2023

    

    

                  Petrofac confirms signing of US$1.5 billion
                            EPC contract in Algeria

    

    

   Further to the announcement of 18 May 2023, Petrofac today confirms it has
   entered into a definitive agreement with STEP Polymers SPA (‘STEP’, a 100%
   subsidiary of Sonatrach) for the design and build of its petrochemical
   complex in the Arzew Industrial Zone in Algeria. As previously announced,
   Petrofac will deliver the US$1.5 billion project with its joint venture
   partner China Huanqiu Contracting & Engineering Corporation (HQC), with
   Petrofac’s share valued at over US$1 billion. The contract was signed at
   an official ceremony in Algiers by representatives of Petrofac, HQC and
   STEP.

   Tareq Kawash, Petrofac’s Group Chief Executive, said: “I am delighted to
   be in Algiers alongside our partner and client to mark the official award
   of this pioneering project. Broadening Petrofac’s portfolio within the
   petrochemical sector, this contract builds on our 25-year track record of
   safely delivering strategically significant energy infrastructure in
   Algeria, while developing local workforces.”

   Ends

    

    

   For further information contact:

    

   Petrofac:

   James Boothroyd, Head of Investor Relations

    1 James.boothroyd@petrofac.com

    

   Sophie Reid, Group Head of Communications

    2 Sophie.reid@petrofac.com

    

   Teneo (for Petrofac):

   Martin Robinson

   +44 (0) 207 353 4200

    3 petrofac@teneo.com

    

    

    

   NOTES TO EDITORS

    

   About Petrofac

    

   Petrofac is  a  leading  international  service  provider  to  the  energy
   industry, with a diverse  client portfolio including  many of the  world's
   leading energy companies.

    

   Petrofac designs,  builds,  manages  and  maintains  oil,  gas,  refining,
   petrochemicals and  renewable energy  infrastructure.  Our purpose  is  to
   enable our clients  to meet the  world's evolving energy  needs. Our  four
   values -  driven,  agile,  respectful and  open  -  are at  the  heart  of
   everything we do.

    

   Petrofac's core markets  are in the  Middle East and  North Africa  (MENA)
   region and the UK  North Sea, where  we have built  a long and  successful
   track record of safe, reliable and innovative execution, underpinned by  a
   cost effective and local delivery model with a strong focus on  in-country
   value. We operate in several  other significant markets, including  India,
   South East  Asia and  the United  States. We  have 7,950  employees  based
   across 31 offices globally.

    

   Petrofac is quoted on the London Stock Exchange (symbol: PFC).

    

   For additional information, please refer to the Petrofac website at

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:          GB00B0H2K534
   Category Code: CNT
   TIDM:          PFC
   LEI Code:      2138004624W8CKCSJ177
   Sequence No.:  249992
   EQS News ID:   1653957


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:James.boothroyd@petrofac.com
   2. mailto:Sophie.reid@petrofac.com
   3. mailto:petrofac@teneo.com


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