24.06.2023 – Milan, Italy

Milan, 24 June 2023 – Maire Tecnimont S.p.A. (MAIRE) announces that its Integrated E&C Solutions subsidiaries Tecnimont and Tecnimont Arabia Limited have been awarded two lump-sum turn-key EPC contracts related to a petrochemical expansion at the SATORP Refinery (a JV composed of Saudi Aramco and TotalEnergies), in Jubail, Kingdom of Saudi Arabia. The petrochemical facility will enable conversion of internally produced refinery off-gases and naphtha, as well as ethane and natural gasoline, into higher value chemicals.

The overall value of the contracts is approximately USD 2 billion. The contracts relate to the execution of two packages of the complex, namely the “Derivatives Units” package – which includes a butadiene extraction unit, an olefin extraction unit, a methyl tert-butyl ether unit, a butadiene selective hydrogenation unit, a 2nd stage pygas hydrogenation unit and benzene & toluene extraction unit – and the “High Density Polyethylene (HDPE) & Logistic Area” package, which includes two polyethylene units and the relevant product logistic facilities.

The project’s scope of work entails complete engineering services, equipment and material supply, construction activities, pre-commissioning, and commissioning, and shall have a duration of approximately 4 years.

With this award, the Group’s Year-to-Date Order Intake is over EUR 2.6 billion (including approximately EUR 200 million related to the contract for a fertilizer plant in Egypt, subject to successful execution of the Client’s financing package). Considering the important commercial prospects in the coming months, a very strong second half is expected, which will provide a solid driver to the Group’s growth this year and beyond.

Official Statement

Alessandro Bernini

“We are extremely proud of having been selected by Saudi Aramco and TotalEnergies for this major initiative. It is a further recognition of Tecnimont’s world-class capabilities to execute complex projects in complex environments, as well as our undisputed leadership in downstream petrochemicals. These awards will provide a significant addition to our already large 8-billion Euro backlog, increasing revenues visibility in the short- and medium-term. It is also for these reasons, and in a context of continued robust demand, that we keep investing in talent, with almost 600 new engineers added year to date.”

Alessandro BerniniCEO Maire Tecnimont Group

Overall Project Value

$2,000,000,000

Approx Project Value