Petrofac Ltd. (St. Helier, U.K.) confirms it has entered into a definitive agreement with STEP Polymers SPA (a 100% subsidiary of Sonatrach) for the design and build of its petrochemical complex in the Arzew Industrial Zone in Algeria.
As previously announced, Petrofac will deliver the $1.5 billion project with its joint venture partner China Huanqiu Contracting & Engineering Corporation (HQC), with Petrofac’s share valued at over $1 billion. The contract was signed at an official ceremony in Algiers by representatives of Petrofac, HQC and STEP.
Tareq Kawash, Petrofac’s Group Chief Executive, said: “I am delighted to be in Algiers alongside our partner and client to mark the official award of this pioneering project. Broadening Petrofac’s portfolio within the petrochemical sector, this contract builds on our 25-year track record of safely delivering strategically significant energy infrastructure in Algeria, while developing local workforces.”