New Saudi JV
Posted: 29 January 2007
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Larsen & Toubro Limited (L&T) has signed a Joint Venture with A.A. Turki Contracting & Trading Corporation (ATCO) of the Kingdom of Saudi Arabia . The new venture, to be known as "Larsen & Toubro ATCO (Saudia) LLC," will be registered as a local company in that country. It will focus on electromechanical construction for the hydrocarbon and power sector.
As part of its strategic plans, L&T has taken important steps in the GCC area by establishing Engineering & Project Management Centres in Abu Dhabi and Sharjah followed by the construction of its own deep-water offshore platforms and Modular Fabrication Yard at Sohar , Oman .
ATCO, founded by Sheikh Abdulrahman Ali Al-Turki, is a leading conglomerate in Saudi Arabia . Ziad AbdulRahman Al-Turki, Executive Vice President of ATCO, agrees that the Joint Venture will enable the two companies to benefit significantly from the boom in the oil and gas infrastructure opportunities.
Saudi customers have accepted L&T's E&C capabilities. After a successful implementation of the Formaldehyde and Para-formaldehyde projects for an important Saudi customer, L&T is now executing an over $120 million contract for a methanol / carbon monoxide project for the same client.
L&T has an existing presence in the kingdom and has constructed many schools, hospitals and sub-stations. L&T is also building a factory for its own electrical products and services in the eastern province. The heavy engineering division has supplied critical equipment like catofin reactors, product splitter, waste heat boiler, formaldehyde reactors, absorber, tail gas heater and feed / effluent exchanger to Saudi customers.
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