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Gas Arabian Services to execute SAR 761m works for Aramco

Gas Arabian Services to execute SAR 761m works for Aramco
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GAS
9528
0.00% 7.50 0.00
SAUDI ARAMCO
2222
-2.50% 31.25 -0.80

Riyadh – Mubasher: Gas Arabian Services Company has received two non-binding letters of intent (LoI) from Saudi Arabian Oil Company (Aramco) to carry out engineering, procurement, and construction (EPC) works for a total of SAR 760.87 million.

The first LoI includes the implementation of EPC works for the Master Gas System Expansion (MGSE) project from SHEDGUM to EWPS-1 for SAR 344.61 million, according to a bourse filing.

The second LoI provides for EPC works towards the MGSE project in the East and Qassim clusters for SAR 416.25 million.

The two LoIs have a duration of 90 days each from the date of signature and are pending execution of final written contracts between Gas Arabian Services and Aramco.

Earlier in February, Gas Arabian signed a SAR 35.30 million agreement with Yamama Cement for the procurement and construction of a gas pipeline and fuel supply.

The company received in July 2023 a purchase order from Saudi Arabian Mining Company (Ma’aden) to upgrade Aramco’s gas metering station.

During the first half (H1) of the 2023 period, Gas Arabian Services recorded a 98.79% surge in net profit after Zakat and tax to SAR 35.48 million from SAR 17.84 million.