India's top engineering and construction conglomerate Larsen & Toubro (L&T) has announced that its key unit - L&T Energy Hydrocarbon (LTEH) - has secured a ultra mega contract from QatarEnergy LNG for the North Field Production Sustainability Offshore Compression Project (NFPS COMP 4).

 

Confirming the mega win, L&T said the contract, which is worth more than Rs150 billion ($1.7 billion), is the largest single order ever received by the company. 

 

The scope of work encompasses the engineering, procurement, fabrication, installation, and commissioning of two offshore compression complexes, each comprising large offshore platforms with compression and power generation facilities, living quarters, flare platforms, interconnected bridges, and other associated structures to be located 80 km off the northeast coast of Qatar. 

 

S N Subrahmanyan, Chairman & Managing Director - L&T, said: "Securing QatarEnergy LNG's ultra mega offshore contract - the largest single order in our history, is a landmark achievement. This prestigious project strengthens our global energy portfolio while supporting Qatar's energy security objectives."

 

"I thank QatarEnergy LNG for placing their trust in L&T to deliver this complex and strategically important project. We look forward to setting new benchmarks in project execution that will reinforce Qatar's position as a global LNG leader," he stated. 

 

Subramanian Sarma, Deputy Managing Director & President - L&T, said: "The award of a project of such nature is a reflection of the confidence and trust placed by QatarEnergy LNG in L&T’s expertise and its ability to deliver such large-scale projects for which L&T is very thankful."

 

"This collaboration not only strengthens our partnership but also reaffirms L&T's commitment to supporting Qatar's strategic energy objectives through innovative and reliable solutions," he added.-TradeArabia News Service

Oman Cables Industry (OCI), a leading cable solutions provider in the sultanate, has announced that it has delivered solid results for yet another year with its sales turnover for 2024 soaring to RO269 million ($697 million), thus marking 8.3% year-on-year increase over the previous year. 

 

Announcing the results for the 12-month period ended December 31, 2024 at its Annual General Meeting today (March 29), Oman Cables Industry said its net profit rose to RO22.6 million, up from RO18.9 million the previous year, reflecting a 19.5% year-on-year increase. 

 

This growth was mainly driven by a careful commercial strategy that has favoured diversification and penetration in the various business areas and a strong push towards sustainable innovation, with the expansion of the product portfolio, including high-value-added solutions and services.

 

Driven by its vision of "Empowerment, Innovation, and Excellence", the Group is committed to sustainable growth, and guided by four key ambitions: Climate, Social, Innovation, and Governance, embedded in the business model of the company.

 

At the AGM, the shareholders reviewed and approved the Group’s financial results for the year 2024.

 

Through the partnership with Prysmian - a global leader in the cable manufacturing and system solutions for the energy transition and digital transformation - Oman Cables Industry continues to strengthen its position in and outside Middle East, it stated. 

 

The opportunities offered during 2024 were including access to a broader product portfolio of green cables and eco-friendly solutions, together with enhanced service offerings, from monitoring to tracking systems, covering the new needs of the diverse industries. 

 

This was made possible through accessing to 27 Prysmian cutting-edge research centers worldwide, accelerating the development of innovative products and integrated solutions, but also through leveraging global testing facilities, ensuring the highest international quality standards, advanced expertise and industry best practices, preparing and qualifying the company to compete with highest European standards.

 

On the solid performance, Chairman Cinzia Farisè, said: "During the last 5 years the company has increased its net profit tenfold, creating value for its shareholders, for its employees - who have since become shareholders of the group according to a rewarding profit share based system - and for the Omani community."

 

"As part of our commitment to Oman Vision 2040 and the journey toward net zero by 2050, Oman Cables is dedicated to driving sustainable growth. We have transferred know-how and technology to the Sultanate and today the company is able to compete outside the Middle Eastm," he stated. 

 

"We have created and nurtured a talent pool through advanced leadership programmes and our employees are appreciated in every part of the globe, where they have the opportunity to work at all Prysmian affiliates," he noted. 

 

:"Furthermore, we have opened our Omani Sustainability Academy, that enjoys collaboration with the best universities in the world, to the 33,000 Prysmian employees and to all our partners. Achieving results is our responsibility, giving back to the Omani community is our commitment. I am proud of our management and our team, the great Oman Cables family," he added.-TradeArabia News Service

Bahrain is set to embark on a series of multi-million-dinar infrastructure projects under its 2025-26 budget, which is awaiting Shura Council approval. These include the fourth bridge connecting Muharraq with capital Manama as well as construction of more than 8,000 social housing units and setting up of two major power projects, reported the Gulf Daily News, our sister publication.

 

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