Madrid, Spain — 31 July 2013 – Tecnicas Reunidas SA (TRE), a Spanish industrial engineering company, is set to win a US$1 billion contract to build a natural gas-processing plant in Algeria.
The company, based in Madrid, was chosen by a joint venture between GDF Suez SA of France and Algeria’s Sonatrach to design and build the facility with a capacity to produce 13 million cubic meters of the fuel a day, according to a document seen by Bloomberg News. Tecnicas competed for the contract with London-based Petrofac Ltd. (PFC) and Japan’s JGC Corp. (1963)
Algeria’s Touat field is estimated to hold 68.5 billion cubic meters of natural gas and 8.5 million barrels of condensate, the document showed. Spokesman for GDF Suez (GSZ) and Sonatrach weren’t available for comment outside of normal business hours.
Tecnicas is scheduled to report second-quarter earnings tomorrow before the stock market opens in Madrid. The company may say net income was 35.6 million Euros, according to the average of seven analysts’ estimates compiled by Bloomberg News.
Tecnicas revealed today that its first-half order backlog had reached a record as it climbed 13% from a year earlier to 7 billion Euros. The engineering company also plans to continue diversifying, it said in a separate presentation..
Source: Bloomberg News. For more information, click here.