Petrofac confirms $1.5 billion EPC contract

Petrofac has confirmed it has entered into an agreement with STEP Polymers for the design and build of STEP’s petrochemical complex in the Arzew Industrial Zone in Algeria.

Petrofac will deliver the $1.5 billion (€1.38 billion) project with its joint venture partner, China Huanqiu Contracting & Engineering Corporation. Petrofac’s share is valued at over $1 billion (€925 million).

Tareq Kawash, Petrofac’s group chief executive, says: ‘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.’