CAIRO: Saudi Arabia’s NEOM has received bids for the construction of the spine water transmission infrastructure worth SR1.9 trillion ($500 billion) for The Line project.
The project will include construction of water storage tanks and a water transmission pipeline, reported MEED.
China Harbour Engineering Company and South Korea’s Hyundai Engineering are two of the companies that have submitted the bids.
EDO assigned ‘BB-‘ rating
S&P Global Ratings has assigned “BB-” rating to Energy Development Oman, reported MEED.
EDO has the highest market share in oil and gas products and produces approximately half of the country’s output — due to its 60 percent stake in Petroleum Development Oman.
Additionally, the company has managed to maintain low operating costs and a high operation-to-debt ratio, which indicates how easily a company pays back its debt.
The future of EDO looks promising as the oil conglomerate aligns with Oman’s 2040 Vision.
KOC projects delayed
Kuwait Oil Co.’s two oil projects have been delayed due to budget approval issues, reported MEED.
The projects have an estimated value of $1.4 billion — where one project is to debottleneck four gathering centers in East Kuwait, and the other one will expand two effluent water disposal plants.
Both projects are expected to be delayed from their original date of tender.