Aramco signs LoI of $2.24 billion with Técnicas Reunidas and Sinopec JV

Aramco, one of the world’s leading integrated energy and chemicals companies, has signed a non‐binding Letter of Intent (LoI) with a joint venture formed by Técnicas Reunidas (60%) and the Chinese group Sinopec (40%), for the potential development of three gas compression plants at Jafurah, the largest unconventional gas field in the Kingdom of Saudi Arabia.

The LoI also relates to potential work to install a 230kV power connection at the gas plant substation area and upgrade the water pump system.

If awarded, the total value of the project is estimated at approximately US$2.24 billion, of which 60% would correspond to Técnicas Reunidas.

Its execution would require about 44 months and the dedication of more than 400 engineers, many of them specialized in chemical processes.

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