Italian firm Saipem has signed a Memorandum of Understanding (MoU) with Gulf Petrochemical Industries Company (GPIC), a joint venture equally owned by the National Oil and Gas Holding Company in the Kingdom of Bahrain, SABIC Agri-nutrient Investments in the Kingdom of Saudi Arabia, and Petrochemical Industries Co. in Kuwait.
The subject matter of the agreement is the feasibility study of three main projects in Bahrain. The first is in relation to the increase of GPIC’s daily plant production of Ammonia, Urea and Methanol through technical solutions that may reduce energy consumption and use natural gas. The second consists of a pre-feasibility study to build a new Mega Ammonia and Urea Plant, while the third aims to determine the quality of gas feedstock in the fields discovered in 2018 off the west coast of the kingdom.
Maurizio Coratella, Chief Operating Officer of the Saipem Onshore E&C Division, commented: “The Memorandum of Understanding signed with Gulf Petrochemical Industries Company marks a significant new opportunity in Saipem’s path towards the expansion and strengthening of its interests and relationships in this strategic area”.
Saipem has been awarded subsea contracts for the first two phases of the Liza development in Guyana and the company announced in November 2019 that it was awarded a contract for the proposed Payara development project located in the Stabroek block offshore the South American country.
