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Updated: Petrofac shares rise on Duqm refinery award

Petrofac unite

Shares in Petrofac shot up on Friday after the firm announced that it had won a two billion US dollar (£1.5 billion) contract in Oman.

The deal, which comes amid a Serious Fraud Office corruption investigation into the firm, will see it work on the Duqm Refinery through a joint venture with Samsung’s engineering arm.

Once completed, the project will have the capacity to produce about 230,000 barrels of oil per day. Shares in Petrofac were up 7% to 476.2p in afternoon trading following the news.

Work on the 47-month project will start shortly, subject to financial closure and full notice to proceed.

Petrofac’s and Samsung’s scope of work includes engineering, procurement, construction, commissioning, training and start-up operations for all the utilities and offsites at Duqm. 

The project is a strategic investment for the Sultanate of Oman, and forms the cornerstone of the Duqm Special Economic Zone

E Sathyanarayanan, Petrorfac group managing director of engineering and construction, said: “This significant project represents our twelfth in the country and serves to reinforce Petrofac’s commitment to one of our core markets; one in which we have been present since 1988. 

“Furthermore, it provides a valuable opportunity for us to continue to increase in-country value through engaging with the local supply chain and recruitment of local resources.” 

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