Mumbai: Larsen and Toubro Ltd (L&T) on Thursday said its subsidiary L&T Hydrocarbon Engineering Ltd, as part of a consortium, had won a $1.6 billion contract from Saudi Aramco, the world’s largest oil company. Under a six-year agreement with consortium partner Emas Chiyoda Subsea, L&T has the option of extending the agreement by another six years, said Subramanian Sarma, managing director and chief executive, L&T Hydrocarbon. L&T Hydrocarbon Engineering bid for the contract with EMAS Chiyoda Subsea (ECS), a joint venture between Ezra Holdings Ltd, a Singapore-based provider of offshore marine services, and Japanese engineering company Chiyoda Corp. The engineering, procurement, and construction (EPC) contract is for the development of the second phase of Hasbah Offshore Gas field situated off the coast of Saudi Arabia, L&T said in a statement. L&T Hydrocarbon’s share in the contract is about 60%, the statement said.

Source: Mint July 21, 2016 15:40 UTC