PEC clinches $132m refinery contract in the Middle East

It will be completed by April 2016.

Mainboard-listed PEC clinched a contract award valued at approximately $132m for a refinery project in the Middle East.

The contract was awarded by an multinational corporation and will require PEC to undertake an extensive fast-track project that is scheduled to be completed by April 2016.

Under the contract, the group will provide engineering, procurement and construction works for the development of a number of large crude and fuel oil tanks – with a combined capacity of approximately 430,000 cubic meters for a refinery in the United Arab Emirates (UAE).

The project will include all related infrastructure needed to enable the client’s existing refinery to enhance its crude oil processing capacity as well as on-site and off-site works which will be carried out to integrate the new storage facility with the refinery’s current processing units.