Tecnicas Reunidas rises on $3.3 bln contracts in JV in Saudi Arabia

SINOPEC Engineering Co

22/01/2024 08:43

** Spain's Tecnicas Reunidas  TRE.MC  shares rise 6% after
it won in JV with Sinopec Engineering Group  2386.HK  two
contracts by Saudi Aramco  2222.SE  for more than $3.3 billion
in total
        ** The contracts involve the development of new Natural
Gas Liquids (NGL) fractionation facilities in Saudi Arabia
    ** JV is 65% owned by Tecnicas Reunidas, which results in
more than $2.15 billion of total investment by the Spanish
company 
    ** CM Capital Markets sees the news as positive for the
stock
    ** Share on track for a best day since April 18, 2023, when
it closed 7.6% higher
    ** Including today's rise, the stock has dropped by 4.2%

 (Reporting by Tiago Brandao)
 ((Tiago.Brandao@thomsonreuters.com;))