ALKHOBAR: Tecnicas Reunidas has offered the lowest bids to build two gas projects which are planned by Saudi Aramco, sources familiar with the plans said on Monday.
While the Spanish engineering firm has made the lowest bids on the Haradh and Hawiyah gas compression stations and the Hawiyah gas plant, Italy’s Saipem and Samsung E&C are also well placed to win the Hawiyah gas plant work, they said.
The new gas compression plants and the expansion of the Hawiyah gas plant are expected to cost more than $4 billion, industry sources have estimated.
Saudi Aramco does not comment on its business transactions, it said in response to an emailed request for comment.
Tecnicas Reunidas declined to comment, while Saipem had no comment and a spokesman for Samsung Engineering said it had no new information on the
bidding progress.
“We expect results to be announced (at the) beginning of November,” he said.
Hawiyah and Haradh are part of Ghawar, the world’s largest onshore oilfield.
Gas will play a key role in the diversified energy mix which Saudi Arabia is keen to achieve by cutting the use of crude oil and liquids for power generation, while allocating more gas to fuel economic growth and industrialization.
The Kingdom is targeting raising the use of gas in its energy mix to 70 percent, officials have said.
Despite falling oil prices, Saudi Aramco is pushing ahead with oil and gas projects that it has highlighted as a priority for the long term to keep the world well supplied with oil, while meeting domestic gas demand.
It plans to nearly double gas production to 23 billion standard cubic feet a day in the next decade.
Spanish company leads bidding for Aramco gas projects
Spanish company leads bidding for Aramco gas projects
Closing Bell: Saudi main index climbs to 10,485
RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Sunday, gaining 34.32 points, or 0.33 percent, to close at 10,484.59.
The total trading turnover of the benchmark index stood at SR2.59 billion ($690 million), with 168 listed stocks advancing and 87 declining.
The Kingdom’s parallel market Nomu also gained 100.37 points to close at 23,454.65.
The MSCI Tadawul Index advanced by 0.13 points to 1,377.44.
The best-performing stock on the main market was Nama Chemicals Co., whose share price increased by 9.98 percent to SR22.38.
The share price of Al Masar Al Shamil Education Co. rose by 9.15 percent to SR23.85.
Saudi Paper Manufacturing Co. also saw its stock price climb by 8.42 percent to SR57.95.
Conversely, the share price of Canadian Medical Center Co. dropped by 6.37 percent to SR6.03.
The stock price of Kingdom Holding Co. also declined by 3.16 percent to SR8.28.
In the parallel market, Alfakhera for Mens Tailoring Co. was the top performer, with its share price advancing by 16.40 percent to SR8.80.
On the announcements front, Theeb Rent a Car Co. said it had signed a long-term vehicle leasing services contract valued at SR110.4 million with Hungerstation Co.
Under the deal, Theeb will lease 2,000 vehicles to HungerStation for a period of four years starting from 2026, according to a Tadawul statement.
The statement added that the vehicles will be delivered in batches within the first six months from the contract start date, taking into consideration global logistical circumstances and procedures beyond the control of both the agents and the company.
The contract is expected to have a positive impact on the company’s financials from the first quarter of 2026.
The share price of Theeb Rent a Car Co. declined by 0.79 percent to SR37.80.
