Maire Tecnimont Secures $2 Billion Petrochemical Contracts in Saudi Arabia

Saudi Arabia: Maire Tecnimont S.p.A. (MAIRE) has announced that two of its Integrated E&C Solutions subsidiaries, Tecnimont and Tecnimont Arabia Limited, have been granted two lump-sum turn-key EPC contracts in relation to a petrochemical expansion project at the SATORP Refinery located in Jubail, Kingdom of Saudi Arabia. The project will involve converting internally produced refinery off-gases and Naphtha, along with Ethane and Natural gasoline, into higher value chemicals. The contracts are valued at around USD 2 billion.

The contracts are for two packages of the complex, specifically the "Derivatives Units" package which consists of a Butadiene extraction unit, Olefin extraction unit, Methyl Tert-Butyl ether unit, Butadiene selective hydrogenation unit, 2nd stage pygas hydrogenation unit, and Benzene & Toluene extraction unit. The other package is the "High Density Polyethylene (HDPE) & Logistic Area", which includes two Polyethylene units and all necessary product logistic facilities.

The project involves a comprehensive range of services, including complete engineering, equipment and material supply, construction tasks, as well as pre-commissioning and commissioning activities. The entire project is expected to have a duration of around 4 years.

The Group has received an award that brings their Year-to-Date Order Intake to a total of EUR 2.6 billion, which includes EUR 200 million from a fertilizer plant contract in Egypt (pending successful execution of the Client's financing package). With promising commercial opportunities in the upcoming months, a robust second half is anticipated, serving as a strong catalyst for the Group's growth this year and in the future.

Alessandro Bernini, the CEO of MAIRE Group, expressed his pride in being chosen by Saudi Aramco and TotalEnergies for this major project. This selection is a testament to Tecnimont's exceptional capabilities in executing intricate projects in challenging environments, as well as their unwavering leadership in downstream petrochemicals. These awards are a valuable addition to their already sizeable 8-billion Euro backlog, providing greater visibility for revenue in the short- and medium-term. Considering the continued strong demand, they have hired almost 600 new engineers year-to-date, demonstrating their commitment to investing in talent.

Maire Tecnimont SpA is a leading provider of civil engineering, technology, and construction services. Their range of services includes plant engineering for industries such as oil and gas, petrochemicals, power, and fertilizer processing. Maire's comprehensive portfolio covers planning, construction, engineering, management, modernization, upgradation, and maintenance of various facilities, along with procurement of materials and equipment. Clients can also benefit from their proprietary and third-party technologies for designing and manufacturing different types of plants, as well as engineering and designing power generation plants and public works projects. With operations spanning across Europe, the Middle East, Americas, Asia, and Africa, Maire is headquartered in Milan, Lombardia, Italy.