Petrofac wins $477m contract
Petrofac Limited
04 April 2008
PETROFAC LIMITED
PETROFAC AWARDED EBLA GAS PLANT PROJECT IN SYRIA, AGREES TO ACQUIRE EQUITY IN
PRODUCTION SHARING CONTRACT
Petrofac, the international oil & gas facilities service provider, has been
awarded a US$477 million lump-sum contract by Petro-Canada Palmyra to construct
a gas treatment plant for the Ebla project in Syria.
In the Ebla project, Petro-Canada is operator with a 100% interest in a
production sharing contract to develop and produce natural gas from the Ash
Shaer and Cherrife fields. First gas is scheduled for delivery in 2010.
Subsequent to the contract award, Petrofac's Energy Developments division has
agreed in principle with Petro-Canada to purchase a 10% interest in the Ebla
production sharing contract, subject to the approval of the Syrian government.
The Ebla gas treatment plant will be located in the Ash Shaer field between Homs
and Palmyra. The initial contract, which will last just over two years, will
include all associated facilities and infrastructure, including engineering,
procurement and construction, commissioning and start-up assistance of the gas
treatment plant, pipelines, gas gathering station flow lines and well sites. The
Ebla plant will be designed to produce 88 million standard cubic feet of sales
gas per day, 150 tonnes of liquid petroleum gas per day and handle the
associated condensate; sales gas and condensate will be fed into the Syrian
pipeline grid and LPG will be transported via tankers.
Commenting on the award, Maroun Semaan, Chief Executive, Petrofac Engineering &
Construction, said: "This is another significant award in Syria for Petrofac
which, taken together with the Jihar gas plant award, provides us with almost
US$1 billion of work in a country where we have successfully worked on a number
of projects. It confirms our position as a leading and successful contractor in
the gas processing sector."
Ayman Asfari, Petrofac's Group Chief Executive added: "We are delighted to have
been offered the opportunity to partner with Petro-Canada and the Syrian
Government and we look forward to demonstrating the benefits of our integrated
service offering on this exciting development."
Peter Kallos, Petro-Canada's Executive Vice-President, International & Offshore,
commented: "We are very pleased to have Petrofac's involvement on this project,
which offers significant potential to Petro-Canada and our partners but has a
demanding schedule for delivery of first gas. This agreement will be a major
factor in successful execution of the project."
Ends
For further information, please contact:
Petrofac Limited +44 (0) 20 7811 4900
Ayman Asfari, Group Chief Executive
Keith Roberts, Chief Financial Officer
Jonathan Low, Head of Investor Relations
Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232
Ann-marie Wilkinson
Olly Scott
Petrofac
Petrofac is a leading international provider of facilities solutions to the oil
& gas production and processing industry, with a diverse customer portfolio
including many of the world's leading integrated, independent and national oil &
gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC) and
is a constituent of the FTSE 250 Index.
Through its three divisions, Engineering & Construction, Operations Services and
Energy Developments, Petrofac designs and builds oil & gas facilities; operates,
maintains or manages facilities and trains personnel; and, where it can leverage
its service capability, develops and co-invests with clients and partners.
Petrofac's range of services allows it to help meet its customers' needs across
the life cycle of oil & gas assets.
With more than 9,500 employees, Petrofac operates out of four strategically
located international centres, in Aberdeen, Sharjah, Woking and Mumbai and a
further 20 offices worldwide. The predominant focus of Petrofac's business is on
the UK Continental Shelf (UKCS), Africa, the Middle East, the Commonwealth of
Independent States (CIS) and the Asia Pacific region.
For additional information, please refer to the Petrofac website at
www.petrofac.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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