Yesterday, Técnicas Reunidas informed the National Securities Market Commission (CNMV) that Saudi Aramco, one of the world’s largest energy companies, has awarded a joint venture formed by the Spanish company TRE and the Chinese group SEG (Sinopec Engineering Group) the development of new Natural Gas Liquids (NGL) fractionation facilities in Saudi Arabia. The works will be carried out on the basis of two EPC (engineering, procurement and construction) contracts; one for the execution of the Riyadh NGL Fractionation Trains (known as Package 1) and the other for the development of the Common NGL Facilities, also in Riyadh (known as Package 2), which includes utility, storage and export infrastructures.
The total investment from the two contracts amounts to more than $3.3 billion. As the joint venture is 65% owned by TRE and 35% by Sinopec Engineering Group, the Spanish company is entitled to more than $2.15 billion of this amount. The main objective of the project is to enable the fractionation of NGLs to produce ethanol, propane, butane and pentane. The new facility to be developed by TRE and Sinopec Engineering Group will fractionate 510,000 barrels of NGLs per day.
