Business News: L&T Bags $4 Billion Deal from Saudi Aramco
Indian construction and engineering conglomerate Larsen & Toubro (L&T) has reportedly secured a multi-billion-dollar deal from Saudi Aramco. According to reports, L&T has received two engineering, procurement, and construction (EPC) orders from Saudi Aramco as part of the second expansion phase of its Jafurah unconventional gas production project. L&T is one of three contractors that have been awarded various packages for Saudi Aramco’s $10 billion expansion of its Jafurah unconventional gas production project in Saudi Arabia.
Jump in L&T Shares
Following the news, Larsen & Toubro shares started around a percent higher on September 7. Saudi Aramco is to invest $110 billion in the Jafurah gas project in the eastern region. As part of the Jafurah unconventional gas production project, L&T has been charged with establishing a gas processing facility and its primary process units, as well as constructing gas compression units. The Jafurah basin, located in Saudi Arabia’s Eastern Province, is home to the Middle East’s biggest liquid-rich shale gas play, with an estimated 200 trillion cubic feet of gas in situ.
