GAS gets 2 LOIs from Aramco for SAR 760.9M EPC contracts

Logo of GAS Arabian Services Co. (GAS) 

Gas Arabian Services Co. (GAS) received two non-binding letters of intent (LOIs) on Feb. 26 from Saudi Aramco for engineering, procurement, and construction (EPC) contracts.

The contracts are worth SAR 760.9 million and cover the expansion of the Master Gas System network (MGS) from SHEDGUM to east-west pump stations-1 (EWPS-1), as well as the expansion of the MGS in the East and Qassim Clusters.

In two separate statements to Tadawul, GAS said that the expansion of the MGS from SHEDGUM to EWPS-1 contract is valued at SAR 344.6 million, while the other project costs SAR 416.3 million.

The LOIs are valid for 90 days from the signing date, subject to sealing a final contract in writing between the two companies.

There are no related parties to the deal, GAS added, noting that any material updates will be duly announced once the final contract is signed.