Mumbai: IL&FS Engineering & Construction Company (IECC) on Tuesday said it has bagged a contract worth $100 million from Prime Star Energy FZE for construction of a storage tank terminal at Fujairah, UAE.
Prime Star Energy is part of the Emirates Trading Agency LLC group and has tied up with the Infrastructure Leasing & Financial Services (IL&FS) to finance the project, IECC said in a statement.
The storage tank terminal that will be built at an estimated cost of $165 million, with an aggregate storage capacity of 600,000 cubic meters, is expected to be completed within the next two years, it said.
Prime Star Energy plans to undertake the development, operations and maintenance of the terminal for oil and oil products at Fujairah.
“The storage tank contract is an important development for IECC as it marks its first entry into the Oil & Gas sector in the Middle East and will enable IECC to qualify for other works in this space,” it said.
IECC, which is a joint venture between financial services provider IL&FS and Saudi BinLadin Group, had recently bagged an infrastructure project worth $100 million in Damman, Saudi Arabia.