Petrofac said Monday it had entered into a definitive engineering, procurement and construction contract in Algeria with Sonatrach’s STEP Polymers worth around $1.5 billion.
The London-listed provider of services to the energy industry said that its joint venture with petrochemical industry specialist, China Huanqiu Contracting & Engineering will design and build a petrochemical complex west of Algiers, and that its share is valued at over $1 billion.
In May the company said it had been conditionally awarded the EPC contract.
Shares at 0707 GMT were up 0.60 pence, or 0.8%, at 74.60 pence.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
Source: Market Watch
