Essar Projects, an engineering company on Tuesday announced that it has bagged a $54 million (₹328 crore) project from Saudi Arabian national oil and natural gas company Aramco.
The project, which is scheduled to be completed in two-and-a-half years, will involve procurement and construction of crude tank, replacement of crude pumps, piping, electrical and instrumental facilities.
"This contract is a reflection of our capability to undertake global projects from reputed clients in this region. We will leverage the capabilities gained to enhance our foot print in other Middle East countries," Amit Gupta, CEO of Hydrocarbon SBU, Essar Projects said in a statement.
The company has previously set up a world-scale grass roots refinery at Vadinar, Gujarat, with an initial capacity of 10 million tonnes per annum, which was later expanded to 14 MMTPA and then to 20 MMTPA.
The company had also implemented Single Buoy Mooring (SBM) method for crude unloading, product jetty for refinery product export, a tank farm with total capacity of 3 million cubic metres for crude, and 77 MW of captive power plant.
However, on Tuesday, stock price of Essar Oil Limited recorded 0.48 percent lower at ₹114.40 per share.
On 3 August last year, Saudi Aramco and Sumitomo Chemical transferred ownership of 32 billion riyal ($8.5 billion) petrochemical facility to their joint group PetroRabigh, Reuters reported.
Ownership of the planned new factory will be transferred from Aramco and Sumitomo to PetroRabigh in the fourth quarter of 2014, the company said on Sunday.