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Essar Projects gets $320 million Singapore contract

Essar Projects gets $320 million Singapore contract
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First Published: Wed, Jul 27 2011. 04 35 PM IST
Updated: Wed, Jul 27 2011. 04 35 PM IST
Mumbai: Essar Projects Ltd (EPL) has secured an engineering, procurement and construction contract worth $320 million from Jurong Aromatics Corp. (JAC) of Singapore.
The contract forms part of a $2.4 billion aromatics complex in Jurong Island in Singapore, being executed by JAC, according to a Essar Projects statement on Wednesday.
It said the scope of EPL’s contract includes constructing storage tankages, jetties with loading and unloading arms, pipeline systems as well as utilities for the entire complex. The project will be executed by a unit of EPL in Singapore and will be completed within 32 months.
“This order is in line with the group’s philosophy to actively participate in third-party projects around the globe,” said Alwyn Bowden, president and chief executive officer of EPL. “A third of EPL’s current order book of $6 billion comprises third-party contracts and we plan to take this to 50% going forward.”
EPL recently successfully completed the construction of a nickel slurry pipeline in Madagascar and is currently constructing an airport in Papua New Guinea for Exxon Mobil.
In India, the company is currently executing contracts for Indian Oil Corp. Ltd and Oil and Natural Gas Corp. Ltd.
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First Published: Wed, Jul 27 2011. 04 35 PM IST