Ranhill and Pakistan consortium finalise pact to build gas plant

Jun 24, 2004 02:00 AM

Engineering services provider, Ranhill, finalised a consortium agreement with DDFC Group of Companies of Pakistan to jointly implement the engineering, supply, construction and commissioning of the Adhi Gas Processing Plant II project in Pakistan.
Ranhill told Bursa Malaysia that the Ranhill-DDFC Group consortium has agreed to execute the contract for the project awarded to them by Pakistan Petroleum at a value of $ 21 mm ($ 1 = RM 3.80) on a joint and several liability basis with Ranhill being the consortium leader. Ranhill stock added 10 sen to close at RM 6.35 with 66,000 units traded on Bursa Malaysia.

Ranhill holds a 70 % stake in the consortium, while the rest is held by the DDFC. DDFC comprises three companies -- DDFC, Engineering Kinetics and Flowtronix -- which are all incorporated in Pakistan. The project, located in the district of Chakwal near Rawalpindi, will be designed to process feedgas from Adhi onshore fields to produce LPG, natural gas liquids and sales gas.
Construction work is expected to start in November and the project is scheduled for completion within 18 months of the issuance of the Letter Of Intent dated May 5. The contract is divided into a procurement contract favouring Ranhill and a works contract favouring DDFC.

Both companies will form a project management team to be headed by a project director who will be approved by Ranhill.
Ranhill will provide DDFC the necessary technical assistance in the execution of the works contract.

Source: Business Times
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