Siemens: Saudi train order is worth $2bn

Updated 11 October 2013

Siemens: Saudi train order is worth $2bn

FRANKFURT: Siemens's share of a major contract to supply trains for a new subway system in Riyadh is worth 1.5 billion euros ($2 billion), the German group said, confirming its biggest ever rail engineering order from the region.
The contract is part of a total of $22.5 billion worth of orders awarded to three foreign-led consortia by Saudi Arabia in July for the design and construction of the metro rail system in Riyadh.
The project, which will involve six rail lines extending 176 km and carrying electric, driverless trains, is the world's largest public transport system currently under development, Saudi officials have said.
Siemens said in a statement it would supply driverless subway trains, electrification systems and signaling technology for two of the six lines.
Flush with cash after more than two years of high oil prices, Saudi Arabia is pumping billions of dollars into infrastructure projects.
The government also says it wants to upgrade the country's infrastructure to help the economy diversify beyond oil, making it less vulnerable to any future plunge of global oil prices.
The German engineering group will deliver 74 subway trains equipped with an extra-strong air conditioning system to cope with the extreme heat as well as special seals and filters in brakes and doors to cut down on the amount of sand that makes its way into the train cars.
The order is part of a 7.5 billion euros ($10.14 billion)contract awarded to a consortium led by US-based Bechtel.
Other major orders for the subway system included a $7.82 billion contract awarded to a consortium led by Spain's Fomento de Construcciones y Contratas and a $5.21 billion order for a group headed by Italy's Ansaldo.


Egypt inaugurates $3.4M hyrdocracking complex to produce petroleum products

Updated 27 September 2020

Egypt inaugurates $3.4M hyrdocracking complex to produce petroleum products

CAIRO: A new hydrocracking complex worth $3.4 million was inaugurated on Sunday by the Egyptian president in a ceremony north of Cairo.

The complex will produce 4.7 million tons of high-value petroleum products as part of Egypt’s ambitious program to enhance its refining industry, a local report said. 

It was established in cooperation with the private sector to produce high-octane gasoline and diesel. It converts low-value diesel into high-quality petroleum products, which include hydrocracking units for diesel, charcoal, vacuum distillation, sulphur treatment and naphtha repair, according to a report by Egypt Today news website. 

Work at the site, located in Musturud of Qalyubia governorate, began in 2011 but was halted due to the political turmoil that broke out that year, the Egyptian president said. 

President Abdel Fatah El-Sisi asked Egyptians to realize “the size of benefits from a complex like this for Egypt in the field of petroleum,” in statements quoted by Youm 7 newspaper.