Tecnicas Reunidas, Orascom secure $2.6bln contract in Saudi Arabia
Spain's Tecnicas Reunidas and Egypt's Orascom have secured a $2.6 billion contract to expand a 3 gigawatt combined cycle gas-fired power plant in Saudi Arabia, the Egyptian engineering company said on Monday.
The agreement, a 50-50 joint venture, will include readying carbon capture infrastructure and will include a 380-kilovolt (kV) electrical substation, Orascom said.
The project is part of a number of contracts signed by Tecnicas Reunidas in the past months in the Middle East and elsewhere that will allow it to triple its net profit in 2026 from 2023.
The Spanish company, which specialises in building energy infrastructure, has seen its shares jump almost 50% so far this year as it recovers from an energy investment contraction following the pandemic and the war in Ukraine.
(Reporting by Marta Serafinko in Gdansk, editing by Inti Landauro and Louise Heavens)
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