Re Arzew LNG Contract
23 July 2008
PETROFAC LIMITED
PETROFAC NOTES SONATRACH'S STATEMENT RE ALGERIAN LNG PLANT
Petrofac, the international oil & gas facilities service provider, announced on 14 July 2008 that it, together with Indonesia's IKPT, was confirmed at a public opening of bids as the lowest bidder for the contract to build the Gassi Touil liquefied natural gas (LNG) plant in the industrial area in Arzew, Algeria.
Petrofac notes that Sonatrach yesterday announced that it considered that conditions set at the time of the public opening had not been satisfied by the Petrofac/IKPT consortium and that, as a consequence, discussions had been commenced with the consortium ranked second.
Petrofac further notes that the prescribed bidding process called for contractors to submit a price for a minimum 4.0 million Metric Tonnes Per Annum LNG plant and that bidders were to be evaluated on the basis of a price per tonne of guaranteed LNG in the storage tank. Petrofac believes it submitted a fully compliant bid and was the lowest bidder on the prescribed cost per tonne basis.
Petrofac is seeking further clarification of the position with Sonatrach.
Ends
For further information contact:
Petrofac Limited
Ayman Asfari, Group Chief Executive +44 (0) 207 811 4900
Keith Roberts, Chief Financial Officer
Jonathan Low, Head of Investor Relations
Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232
Charles Cook
Olly Scott
Notes to Editors
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 100 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 return criteria are met and service revenue synergies identified, 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 10,000 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.
IKPT and Petrofac
IKPT is a proven engineering construction company listed in Indonesia with a workforce of almost 800 personnel. On 1 April 2008, Petrofac and IKPT signed a landmark 'Heads of Agreement' to set up a joint venture company in Indonesia. The decision to create the JV came after a successful engineering services association between the two companies since June 2006.
For additional information, please refer to the IKPT website at www.ikpt.com.
This information is provided by RNS
Latest directors dealings
- 1 day ago Savannah Energy
- 1 day ago Buccaneer Energy PLC
- 1 day ago Savannah Energy
- 1 day ago Carclo
- 1 day ago Schroder Japan Growth Fund