Moneycontrol
Feb 12, 2018 09:53 AM IST | Source: Moneycontrol.com

L&T gains 1% as subsidiary wins order worth Rs 2,200 crore

L&T Hydrocarbon Engineering, a wholly owned subsidiary of Larsen & Toubro, has signed a major field development EPC contract with Al Dhafra Petroleum Operations Company, Abu Dhabi, UAE, with a value in excess of Rs 2,200 crore.

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Share price of Larsen & Toubro (L&T) rose 1.5 percent intraday Monday as its subsidiary company won order worth Rs 2200 crore in UAE.

L&T Hydrocarbon Engineering, a wholly owned subsidiary of Larsen & Toubro, has signed a major field development EPC contract with Al Dhafra Petroleum Operations Company, Abu Dhabi, UAE, with a value in excess of Rs 2,200 crore.

Al Dhafra Petroleum is a joint venture between ADNOC and Korea National Oil Corporation (KNOC) and GS Energy, which is represented by Korean Abu Dhabi Oil Consortium (KADOC).

The scope of the contract includes engineering, procurement, construction & commissioning of flow lines, gathering facilities & pipelines to transfer crude oil & gas from Haliba fields to processing facility at Asab and installation of 132 kV and 33 kV overhead electrical transmission lines to supply power.

The order reinforces LTHE’s unique capability to deliver 'design to build' engineering and construction solutions across the hydrocarbon spectrum.

L&T has been serving the onshore hydrocarbon sector since early 1990’s. The company’s track record includes successful completion of several challenging projects for domestic and international clients.

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At 09:46 hrs Larsen & Toubro was quoting at Rs 1,345.75, up Rs 16.40, or 1.23 percent on the BSE.

Posted by Rakesh Patil
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