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Kuwaiti firm awarded $133mln Aramco deal

Business Kuwait City 03 Sep 23
Kuwaiti firm awarded $133mln Aramco deal
Kuwaiti firm awarded $133mln Aramco deal. It includes construction work in Ras Tanura.
Fee
Event Location
Kuwait, Kuwait
Area
Kuwait City
Start Time
03 September 2023, 12:00 AM
End Time
30 September 2023, 12:00 AM
Website

Heavy Engineering Industries and Shipbuilding Company (HEISCO), listed on Boursa Kuwait, announced that its branch in Saudi Arabia received a letter of award from the main contractor of a project in Ras Tanura City in the Kingdom.

HEISCO, is a major EPC contracting company based in Kuwait with a diversified range of business in oil and gas, petrochemicals, power, and other industrial services including heavy Industry projects.

HEISCO’s branch will execute main civil and mechanical construction works for 28 months in favour of Saudi Arabian Oil Company (Aramco), according to a bourse disclosure.

“The value of the contract amounts to 500 million Saudi riyals ($133 million) with a duration of 28 months,” the statement said.

It is worth noting that Aramco generated net profits after Zakat and tax worth SAR 119.54 billion in the first quarter (Q1) of 2023.



Kuwait Heisco Aramco deal