EEI Bags US$40.2 M Project in Saudi Arabia
PSE Circular for Brokers No. 1440-98 • Philippine Stock Exchange • Circulars for Brokers • Jun 26, 1998
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June 26, 1998 PSE CIRCULAR FOR BROKERS NO. 1440-98 PRESS RELEASE EEI BAGS US$40 . 2 M PROJECT IN SAUDI ARABIA EEI Corporation, through its Saudi-Arabian joint venture company, Al-Rushaid Construction Co. (ARCC) has been awarded a U.S.$40.2M contract for the construction of 4 units of 600 MW for the Ghazlan Power Plant in Saudi Arabia. The power plant project, owned by Saudi Consolidated Electric Co. (SCECO) involves the construction of 4 x 600 MW gas and oil fired power generators which has been awarded to the international consortium of Mitsubishi Heavy Industries of Japan and Bechtel Overseas as EPC contractor. As contractor for this US$40.2M contract, EEI through ARCC will be responsible for the construction and mechanical erection of boilers, turbines, generator and ancillary equipment. Mr. Antonio S. Pascua, Senior Vice-President of EEI Construction Division said that "the contract reflects the continuing trust and confidence of international principals in the world-class capability of EEI Corporation". EEI is set to mobilize 1,200 manpower for this project which will start in the 3rd quarter of this year. The project is expected to be completed within 37 months. The company is also involved in other projects in the Middle East. It has been contracted for the electrical and instrumentation works worth U.S.$4.5M in the construction of a petrochemical plant in Qatar owned by Qatar Fuel Additives Co. (QAFAC). The project, which was a sub-contract from Chiyoda-Keiso of Japan calls for the mobilization of 300 workers and technicians. llcd EEI is the Philippines leading contractor in industrial and electro-mechanical construction in the Philippines. It has been involved in all new projects and upgrading and expansion of all three petroleum companies in the country. The company had announced target earnings of P400 million. in 1998 on the strength of its robust orderbook and its dollar-denominated projects. It had P7.46B in outstanding orders backlog as of the end of the first quarter:
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