Aramco awards Tecnicas Reunidas contract

The two companies signed an LOI (letter of intent) already and they are expected to sign the contract after the final approval of Aramco.

The project was initially estimated to cost more than $2bn.
The project was initially estimated to cost more than $2bn.

Saudi Aramco has awarded Spanish engineering and construction firm Tecnicas Reunidas a contract to build a clean fuels unit at its Ras Tanura refinery in Saudi Arabia, three industry sources told Reuters.

Tecnicas Reunidas declined to comment. Saudi Aramco said by email it had no information available to release at this time.

One of the sources told Reuters the contract was worth about $1.8bn while another said it was $1.5bn. The project was initially estimated to cost more than $2bn.

"They signed an LOI (letter of intent) already and they are expected to sign the contract after the final approval of Saudi Aramco," said a source familiar with the matter.

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