Maire Tecnimont, an Italian engineering group, won two contracts worth US $2 billion in connection with the petrochemical expansion of the Saudi Aramco refinery and petrochemical refinery in Byblos, Saudi Arabia's eastern province. A joint venture between Saudi Aramco, an oil export company of Satorp refinery, and TotalEnergies, a French company.

The Milan based company stated that these two engineering, procurement, and construction turnkey contracts will result in Maire's order volume exceeding $2.83 billion year-to-date. This also includes a contract for an Egyptian fertilizer plant worth 200 million euros. The contract term in Saudi Arabia is four years.

These awards will provide a significant supplement to our already backlog of 8 billion euros and increase revenue visibility in the short and medium term, "said Alessandro Bernini, CEO of Maire Group. Saudi Arabia is the world's largest oil exporter, continuing to strengthen its energy infrastructure by attracting investment and reaching agreements with global participants.

According to the International Energy Agency, the existing energy environment also provides an opportunity: according to the current policy and Market trend, crude oil demand will increase by 6% between 2022 and 2028, reaching 105.7 million barrels per day. This is expected to be supported by strong demand from the petrochemical and aviation industries, the agency stated in its interim oil market report. According to Grand View Research, the global petrochemical market is expected to exceed $1 trillion by 2030, while it is estimated to be $584.5 billion in 2022, with a compound annual growth rate of 7% starting from 2023.

Maire's latest announcement was issued after Saudi Aramco and TotalEnergies awarded the contract to build the Amiral petrochemical complex worth US $11 billion in Byblos. The new petrochemical complex, combined with the existing Satorp refinery in Byblos, will accommodate the largest mixed load steam cracking unit of the Gulf Cooperation Council, which can produce 1.65 million tons of ethylene and other Industrial gas every year. Maire Tecnimont is one of the seven companies that has won EPC contracts for the main processing units and related utilities of the Amiral complex. Tecnimont and Tecnimont Arabia, subsidiaries of Maire Group, will execute two contracts related to the expansion of Byblos Petrochemical.

The company stated that these contracts will strengthen Maire's strategic positioning in the Middle East and its ability to transform refineries into higher value chemicals. According to Maire, the scope of work for the Satorp complex includes complete engineering services, equipment and material supply, construction activities, pre commissioning, and commissioning.

The company stated that these contracts involve the execution of two packages in the refinery complex, namely the derivative unit package and the high-density polyethylene and logistics area package, including two polyethylene units and related product logistics facilities. Petrochemical facilities will convert refinery waste gas and Naphtha produced internally, as well as ethane and natural gas, into higher value chemicals. The company stated that these contracts will increase the revenue of Italian Petroleum Services Group for 2023 and beyond.Editor/XingWentao