- Tecnimont and Tecnimont Arabia Limited will execute two packages of a petrochemical expansion at the SATORP Refinery, in Jubail, consolidating MAIRE’s strategic positioning in the Middle East region and its world-class capabilities to execute the conversion of refineries towards higher value chemicals
   - These new awards provide a solid driver to the Group’s revenues growth for 2023 and beyond
   - MAIRE can leverage on its growing highly skilled human capital, which has increased by 600 engineers this year, to satisfy clients’ requests and execute its sizeable backlog

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.

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.

Alessandro Bernini, MAIRE Group Chief Executive Officer, commented: “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.”

About Maire Tecnimont

Maire Tecnimont S.p.A. (MAIRE), a company listed on the Milan Stock Exchange, leads an engineering group that develops and implements innovative technologies in nitrogen, hydrogen and circular carbon, fuels and chemicals, and polymers sectors. It operates globally with its Sustainable Technology Solutions and Integrated E&C Solutions units to drive the evolution of the industry towards decarbonization. MAIRE creates value in about 45 countries and relies on approximately 6,500 employees, supported by over 20,000 people engaged in its projects worldwide.

About Aramco

Aramco is a global integrated energy and chemicals company driven by the core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, sustainable and useful, promoting stability and long-term growth around the world.

About TotalEnergies

TotalEnergies is a broad energy company that produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables and electricity. Our 105,000 employees are committed to energy that is ever more affordable, clean, reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.), 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.