Petrofac-led JV Secures $1.5bn EPC Contract

Petrofac-led JV Secures $1.5bn EPC Contract Petrofac, leading a joint venture with petrochemical industry specialist, China Huanqiu Contracting & Engineering Corporation (HQC), has received notification of a conditional award by STEP Polymers SPA (100% Sonatrach subsidiary) to carry out a significant petrochemical project in Algeria. The total contract value is around US$1.5 billion, with Petrofac's share valued at over US$1 billion. The plant will be located at the Arzew Industrial Zone, west of Algiers. The contract includes the delivery of a new propane dehydrogenation unit and polypropylene production unit, as well as associated utilities and infrastructure for the site. The plant is expected to produce 550,000 tons of polypropylene annually. Tareq Kawash, Group Chief Executive of Petrofac, commented: "We are proud to be supporting our customer to deliver this strategic project. Algeria is a core market for Petrofac and we are committed to supporting the long-term delivery of critical infrastructure as the country plays an increasingly important role as a major energy producer and moves into major petrochemical projects." The award broadens Petrofac's portfolio within the petrochemical sector and builds on its 25-year track record in Algeria. Source