“This is a strategic win for us and is another affirmation that our strateg to capitalise on our presence in Saudi Arabia is bearing fruit. We are hopeful and optimistic that more opportunities will open to us as we continue to fortify our presence in Saudi Arabia,” said Mr Chia Kim Piow, Chairman and Managing Director
SINGAPORE, 14 February, 2012 – MAINBOARD-LISTED Rotary Engineering Limited (Rotary) has secured a US$34 million Engineering, Procurement and Construction (EPC) contract to build 17 field storage tanks in Saudi Arabia.
The contract relates to the US$1.23 billion Shoaiba II Combined Cycle Power Plant Project in Shoaiba, some 120 km south of the Red Sea city of Jeddah. It was awarded to Rotary’s joint venture company Petrol Steel Co. Ltd. by South Korea’s Daelim Group, which is the main contractor for the project. The combined-cycle plant, which is owned by the Saudi Electricity Co, will have a power capacity of 1,238 megawatt when completed.
The contract will see Rotary building 17 field storage tanks which will primarily be used to store fuel oil. Work is scheduled to start in June and is expected to be completed around the middle of 2013.
Investing in stocks is a lot like lending your friend money - Note: This article is a collaboration between The Good Investors and The Woke Salaryman. It was written by me and edited by He Ruiming. An earlier version ...
1 hour ago