Kuwaiti firm awarded $133mln Aramco deal. It includes construction work in Ras Tanura.
03 September 2023, 12:00 AM
30 September 2023, 12:00 AM
Heavy Engineering Industries and Shipbuilding Company (HEISCO), listed on Boursa Kuwait, announced that its branch in Saudi Arabia received a letter of award from the main contractor of a project in Ras Tanura City in the Kingdom.
HEISCO, is a major EPC contracting company based in Kuwait with a diversified range of business in oil and gas, petrochemicals, power, and other industrial services including heavy Industry projects.
HEISCO’s branch will execute main civil and mechanical construction works for 28 months in favour of Saudi Arabian Oil Company (Aramco), according to a bourse disclosure.
“The value of the contract amounts to 500 million Saudi riyals ($133 million) with a duration of 28 months,” the statement said.
It is worth noting that Aramco generated net profits after Zakat and tax worth SAR 119.54 billion in the first quarter (Q1) of 2023.