Reuters reported that around USD 21 billion worth of EPC projects will be awarded in the UAE in the coming 6 to 9 months.
Mr Arturo Grimaldi senior VP of Middle East for Technip which provides engineering, technologies and project management for the oil and gas industry worldwide said that around USD 25 billion worth of EPC projects have been awarded in the UAE and Saudi Arabia in the past nine months despite the global financial crisis.
Mr Grimaldi said that around USD 40 billion worth of EPC contracts will be awarded in Qatar, Saudi Arabia and Kuwait in the coming 3 years. Saudi Arabia is pushing for gas and downstream projects. He said that almost all the planned projects in the GCC countries will be awarded within the next 3 years, and then the peak will bottom.
Meanwhile, a senior Abu Dhabi Zakum Development Company official said that the oil and natural gas exploration and production company plans to award around USD 4 billion in engineering, procurement and construction contracts over the next 18 months. He said that there are 4 major packages and there are 3 packages still to be tendered. He added that adding the tendering will be next year and will be in phases.
Mr Yousuf Omar Bin Yousuf CEO of the UAE's state owned Adnoc said recently that the company plans to award projects worth up to USD 50 billion in 2009 to 2010.
Mr Bin Yousuf said that 2009 will be one of the most difficult years in the world economy due to the recession and shortage of liquidity. He said that this financial crisis caused many companies and countries producing or consuming energy to downsize and economize. Consequently this led to weakness in world demand and a decrease in oil prices, leading to problems in expansion and execution of projects.
He added that "However in ADNOC we look at the bright and positive side to execute our giant projects at lower cost and better quality."
(Sourced from Reuters)
