GAS signs 2 contracts worth SAR 761M with Aramco

29/05/2024 Argaam
Logo ofGas Arabian Services Co. (GAS)

Logo of Gas Arabian Services Co. (GAS)

GAS Arabian Services Co. (GAS) signed on May 29 two contracts with Saudi Arabian Oil Co. (Saudi Aramco) at a total value of SAR 761 million.

 

For more news and details on the projects

 

In separate statements to Tadawul, GAS said the first engineering, procurement and construction (EPC) contract is for work on the Master Gas System Expansion from Shedgum to EWPS-1. The 40-month contract is valued at nearly SAR 344.6 million, excluding VAT.

 

The deal is expected to have a positive impact on the company’s financials from 2024 to 2027.

 

The other EPC contract is valued at about SAR 416.3 million and is allocated for the Master Gas System Expansion in East & Qassim Clusters.

 

The 30-month, VAT-exclusive contract is projected to have a positive impact on the company’s financials from 2024 to 2026.

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