Spanish Técnicas Reunidas awarded first contract by oil giant Petronas

The contract has been awarded in the form of turnkey worth nearly 1,500 million of dollars and the execution time will be 50 months. The RAPID project, with an estimated value of 27,000 million of dollars includes a refinery with a production capacity of 300,000 barrels / day and a petrochemical complex with a combined production capacity of 7.7 million tons/year of various types of chemicals differentiated and specialized.

Petronas is an international oil and gas company with business interests in 35 countries. The company, wholly owned by the Government of Malaysia, was ranked by Fortune as the 75th largest company in the world, the 12th most profitable and the most profitable company in Asia. 45% of the Malaysian government budget comes from the dividends of the company.

The news is positive for several reasons: it marks the beginning of a business relationship with a relevant operator as Petronas, the entry into a new market of strategic interest for the group and also because it will allow the company to participate in the largest infrastructure project and national interest for Malaysia.

Experts from Ahorro Corporación Financiera (ACF) believe that the news should impact positively on the stock market price, considering the value of this contract (14% of the order book). After signing this contract, so far this year, the contracting of the Spanish group amounts to about 4,300 million euros and the order book would be today close to an amount of 8,250 million.

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