Italian oil and gas contractor, Saipem, in a joint venture with CTCI Corporation, has been awarded a new contract in Thailand for the engineering, procurement, construction and commissioning of the Nong Fab LNG terminal.
Saipem will operate as leader of the JV which has been assigned the contract with a stake of 55 for an overall value of approximately $925 million, hence, Saipem’s share is around $500 million.
The contract has been awarded by PTT LNG Company, a unit of Thailand’s national oil & gas company PTT Public Company Limited, Saipem said in a statement.
The project will be realised in the Mueang Rayong district, in the south-east of the country.
Works include the engineering, procurement, construction and commissioning of the Nong Fab terminal, with a maximum receiving capacity of 9 mtpa, for the receipt, storage and regasification of liquefied natural gas.
The facility being built by PTT LNG will feature two 250,000-cbm storage tanks and will be located at Baan Nong Fab in eastern Rayong province.
The facility will be built as part of plans by PTT to raise annual capacity to 19 million tonnes by 2023 from the current 10 million.