Spain's Tecnicas Reunidas Wins $1.5B Contract in Malaysia
MADRID, Aug 18 (Reuters) – Spanish oil engineering company Tecnicas Reunidas said on Monday it had won a $1.5 billion turnkey contract as part of the Refinery and Petrochemicals Integrated Development (Rapid) project in Malaysia.
The 50-month contract, awarded by Petroliam Nasional Berhad (Petronas), is to engineer, supply and build part of the massive complex, which will include a refinery and integrated petrochemical plant, the company said in a statement.
The contract is an opportunity for the Spanish company to move in to the new, strategic market of Malaysia and foster relations with Petronas, Tecnicas said.
The refinery at the Rapid project, worth a total of $27 billion, will have a capacity of 300,000 barrels a day while the petrochemicals plant will have a production capacity of 7.7 million tonnes of related products a year, it said.
(Reporting by Paul Day, editing by David Evans)
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