Kalpataru Projects - a major EPC player in energy sector - informed stock exchanged on May 19 that it has signed contracts with Saudi Arabia's Aramco for expansion of Master Gas System Network (MGS‐3), for a contract value of Rs 7,550 crore.
The contract - which was announced on March 5 - is for carrying out engineering, procurement, and construction (EPC) work for three packages of the third expansion phase of the Master Gas System Network (MGS‐3) in Saudi Arabia. The EPC scope covers the laying of over 800 km of lateral gas pipeline.
The contract value of the three packages have now been confirmed by Kalpataru Projects in the filing.
"...KPIL is focused on strengthening its presence in the oil and gas market in the Middle East region over the past few years. This order serves as a resounding testament to our commitment to strengthen our presence across the value chain in the global oil and gas EPC business," Manish Mohnot, Managing Director and Chief Executive Officer of Kalpataru Projects had said in the release dated March 5.
The MGS‐3 project aims to extend the current gas network to supply gas to industrial consumers in the region. This expansion should address the increasing energy demand in Saudi Arabia and reduce the use of liquid fuels.
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