Jacobs wins deal for Sahara pethem facilities

Updated 14 June 2016
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Jacobs wins deal for Sahara pethem facilities

JEDDAH: Jacobs Engineering Group announced it received a three-year contract from Sahara Petrochemicals (Sahara) to provide general engineering services at Sahara’s Jubail Industrial City facilities in Saudi Arabia.
“Jacobs has had a presence in the Middle East for many years serving the oil, gas, buildings and Infrastructure sectors. This contract enables us to expand our presence in Jubail as part of our overall commitment to providing world-class services to our clients across the region.”
Under the terms of the contract, Jacobs is expected to provide engineering, procurement, construction supervision, project management, pre-commissioning and commissioning support to a range of small- to medium-sized capital projects for Sahara’s propane dehydrogenation, poly propylene, chlor alkyl, ethylene dichloride and peripheral utilities operating facilities.
Jacobs Senior Vice President Oil and Gas Bassim D. Shebaro stated: “Jacobs has had a presence in the Middle East for many years serving the oil, gas, buildings and Infrastructure sectors. This contract enables us to expand our presence in Jubail.”
Jacobs is one of the world’s largest and most diverse providers of technical, professional and construction services.


Saudi minister Al-Falih says Aramco IPO likely in 2019

Updated 25 May 2018
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Saudi minister Al-Falih says Aramco IPO likely in 2019

  • Energy Minister Khalid Al-Falih: “We are ready, the company (Saudi Aramco) essentially has ticked all the boxes. We’re simply waiting for a market readiness for the IPO.”
  • Khalid Al-Falih: “Most likely it will be in 2019 but we will not know until the announcement has been made. All I could say is stay tuned.”

RIYADH: Saudi Arabia is most likely to hold the initial public offering (IPO) of oil giant Aramco in 2019, Energy Minister Khalid Al-Falih said on Friday, confirming a delay from the initial plan to list the company this year.

“The timing I think will depend on the readiness of the market, rather than the readiness of the company or the readiness of Saudi Arabia,” Khalid Al-Falih, who’s also the company’s chairman, said at the St. Petersburg International Economic Forum in Russia on Friday.

“We are ready, the company essentially has ticked all the boxes,” he said. “We’re simply waiting for a market readiness for the IPO.”

For almost two years, Saudi officials said the IPO was “on track, on time” for the second half of 2018. But for the first time in March they suggested it could be delayed until 2019.

“Most likely it will be in 2019 but we will not know until the announcement has been made,” Al-Falih said. “All I could say is stay tuned.”

The Aramco IPO would be a once-in-a-generation event for financial markets. Saudi officials said they hope to raise a record $100 billion by selling a 5 percent stake, valuing the company at more than $2 trillion and dwarfing the $25 billion raised by Chinese retailer Alibaba Group Holding Ltd. in 2014.