MILAN, 21 September 2007 — Italian oilfield services company Saipem has signed new contracts totaling about $700 million for offshore projects in Saudia Arabia and Spain, the company said on Wednesday.
Saudi Aramco has signed a long-term accord with a consortium comprising Saipem and its Saudi partners TAQA and Al-Rushaid for construction, transportation and installation of offshore platforms and pipelines, Saipem said in a statement.
In Spain, Enagas has awarded a joint venture between Saipem and Fomento de Construcciones y Contratas, a contract that includes transport and installation of natural gas pipelines to supply the islands of Ibiza and Mallorca.
Saipem is 43 percent owned by energy company Eni.
Recently, Fujian Refining & Petrochemical Co Ltd (FREP) of China has secured a $4 billion loan from a group of Chinese lenders to fund the construction and operation of the first integrated oil joint venture in China, shareholder ExxonMobil said. The 30 billion yuan ($4 billion) debt facility for FREP is jointly owned by ExxonMobil, Saudi Aramco and Sinopec.
