Petrofac consortium awarded clean fuels contract by Thai Oil

19th Oct 2018 14:45

(Sharecast News) - A consortium led by oilfield services provider Petrofac has been awarded a $4bn contract as part of Thai Oil's Clean Fuels Project on the East coast of Thailand.Petrofac, along with Saipem and Samsung Engineering, will complete the project over a period of approximately four years, transforming the existing oil refinery in Sriracha into an environmentally-friendly facility, producing higher quality transportation fuels.The FTSE 250-listed outfit said the project would also increase the refinery's production capacity from 275,000 barrels per day to 400,000 barrels per day.Petrofac, which is set to receive $1.4bn worth of the contract's total value, will cover engineering, procurement, construction and commissioning services.In addition to the improvements to the existing facility, the trio will oversee the site's expansion and add new complex processing units, all required utilities and supporting facilities.Managing director of Petrofac's Engineering and Construction Growth division, said: "We are delighted to have secured this contract and to be leading the consortium on delivery of an important project that will enhance the country's long-term energy stability and economic development, and boost its output of high-quality clean fuels."As of 1440 BST, Petrofac shares had picked up 1.60% to 595.99p.