Dubai – Mubasher: Dubai listed-Arabtec Holding announced winning several contracts totaling AED 930 million in Saudi Arabia in the field of oil and gas construction sector through its wholly-owned subsidiary Target Engineering Construction Company.

Saudi Aramco, which is responsible for the petroleum sector in the Kingdom, has awarded Target a total of seven projects, Arabtec revealed in a bourse filing to the Dubai Financial Market (DFM).

The awarded contracts include seven projects to improve and increase the productive capability of some oil and gas stations of Saudi Aramco, the UAE-based firm said, highlighting that “Target will improve the quality of liquefied gas to reduce the percentage of the water component at the liquefied gas station for Saudi Aramco in both Shadqam and Al Othmania” at a total value of AED 235 million.

Another contract, valued at AED 272 million, was inked between the two companies and involves enhancing the system of the liquefied petroleum drain at the main oil refinery in Abqiq for the Saudi firm. Moreover, Target signed a contract for the expansion of the facilities to produce liquefied gas in Aramco’s Yanbu refinery; the deal is valued at AED 137 million.

Other contracts include changing motors of liquefied gas compressors at stations in Shadqam and Al Othmania as well as the replacement of high-voltage distribution boards at the same stations, at a value of AED 70 million and AED 61 million, respectively.

The sixth contract entails an upgrade for electricity loads in the power distribution network at Saudi Aramco’s Tanajib station, Arabtec revealed in its bourse filing to the DFM today, Sunday, adding that the seventh and final contract, worth AED 116 million, involves the construction of two buildings for the operation and management of Saudi Aramco Company at Ras Tanura terminal.

These awards clearly reflect “the positive results of the successful restructuring process” carried out by Arabtec over the past six months and which include the technical and administrative aspects of its subsidiaries, the Dubai-based construction group added.

Target Engineering Construction Company is a wholly-owned subsidiary of Arabtec and has a strong presence in Saudi Arabia and Qatar.