Saipem awarded Nong Fab LNG terminal contract

6/14/2018

San Donato Milanese (MI), - Saipem, in Joint Venture with CTCI Corporation, has been awarded a new contract in the Onshore E&C sector in Thailand for an overall value of approximately 925 million USD. Saipem will operate as leader of the Joint Venture which has been assigned the contract with a stake of 55%. Hence Saipem’s share is around 500 million USD. The contract has been awarded by PTT LNG Company Limited, a subsidiary of PTT Public Company Limited, Thailand’s national oil&gas company.

The project will be realised in the Mueang Rayong district, in the south-east of the country.

Works include the engineering, procurement, construction and commissioning of the Nong Fab terminal, with a maximum receiving capacity of 9 MMTPA, for the receipt, storage and regasification of liquefied natural gas.

Stefano Cao, Saipem CEO, commented: “As well as consolidating Saipem’s presence in an area with great prospects for development such as South-East Asia, the signing of this contract strengthens our position in the LNG sector which is of interest to us in terms of both the liquefaction and regasification segments. Furthermore, this contract represents a step forward towards achieving greater balance in our portfolio, between downstream and gas projects and those linked to upstream”.