Dubai – Mubasher: Target Engineering Construction Company, a wholly-owned subsidiary of Arabtec Holding, has won Saudi Aramco's contract worth SAR 200 million ($53.3 million).

Under the contract, Arabtec's subsidiary will replace five storage tanks at Ras Tanura Refinery in Eastern Province in Saudi Arabia, according to the company's disclosure to the Dubai Financial Market (DFM) on Tuesday.

In addition, the company will work on replacing three naphtha storage tanks and two slop oil storage tanks.

Arabtec's CEO, Wail Farsakh, commented: "In line with our strategy, this important award further builds the Group’s presence in the oil and gas sector."

It is noteworthy to mention that in April, Target Engineering Construction has been awarded two contracts of a total value of AED 210 million in Abu Abu Dhabi.