Riyadh – Mubasher: Gas Arabian Services Company signed two contracts with Saudi Power Procurement Company at a total value of around SAR 598.01 million.
The first contract includes providing engineering, procurement, and construction (EPC) works at the Taiba GAS pipeline for SAR 256.10 million, excluding the value-added tax (VAT).
The second contract involves providing EPC works at the Qassim GAS pipeline for SAR 341.90 million, excluding VAT.
The two agreements have a duration of 22 months each and are expected to impact GAS Arabian’s financial statements in 2024 and 2025.
In February, Gas Arabian Services received two non-binding letters of intent (LoI) from the Saudi Arabian Oil Company (Aramco) to conduct EPC works for a total of SAR 760.87 million.
Gas Arabian Services registered a 98.79% surge in net profit after Zakat and tax to SAR 35.48 million from SAR 17.84 million in the first half (H1) of 2023.
