Report: L&T in Saudi Aramco offshore deal
India’s Larsen & Toubro has reportedly received a contract for work on Saudi Aramco’s Fadhili development in Saudi Arabia.
The news, however, is yet to be officially confirmed, as it appeared on CNBC TV channel, where it’s been reported that L&T signed a dealwith Saudi Aramco to build offshore gas units for the Hasbah field. The Hasbah is an offshore gas field that would feed an onshore Fadhili plant.
Media reports on the alleged deal also spurred the National Stock Exchange of India to seek clarification from L&T. The NSE has called L&T to provide clarification or confirmation on the news in detail.
More specifically, the NSE asked L&T to say whether such event published in news was taking place, and if so, why wasn’t it reported to the stock exchange authorities.
“As per regulation 30 of the Listing regulations, all listed companies are required to intimate to the Exchanges all the events, information etc. that have bearing on the operation/ performance of the company which include all price sensitive information, etc. In addition, all listed companies are also required to furnish to the Exchanges on request, such information concerning the company as may be reasonably required. The response from the company is awaited,” the stock exchange said in its notice.
Offshore Energy Today has contacted L&T, as well as Saudi Aramco, seeking more info. Neither of the two companies responded.
According to available info, L&T’s contract for the offshore facilities is one of four Fadhili deals signed today. Others are reportedly with Saudi KAD for Fadhili Downstream; Saudi Electric Company and Engie for the Fadhili Combine Heat & Power (CHP); and Al Subeae & Sons Investment Holding Company for the Fadhili Residential Camp.
Expected to come on stream in 2019, Fadhili Gas Plant will process 2.5 billion scfd from onshore and offshore fields.