One sweet deal: Oman to award $65 billion in EPC contracts in next five years

Oman will award engineering, procurement and construction (EPC) contracts worth $65 billion in the next five years, according to experts. 

These projects include the proposed refinery and petrochemical project at Duqm and a nation-wide railway project, said Madhu Pillai, project director of Kentz Engineering International. He was addressing the third annual EPC projects summit, which was attended by more than 120 international EPC professionals. 

Organised by IQPC and Global Exhibitions & Conferences, the summit explores four key themes, including pricing of EPC project, challenges faced by both EPC contractor and project owner during execution, analysing best practices in contracting and procurement strategies and in country value and local community contractors and risk management for EPC projects. 

International EPC contractors were represented by key speakers from Samsung Heavy Industries, China HuanQiu Contracting and Engineering, Maire Tecnimont, Saipem, Reliance Engineering Grouop, SNC Lavalin Arabia, Kentz Engineering International and Technip. 

Petroleum Development Oman, Duqm Reginery and Petrochemical Industries, Saudi Aramco, ADCO, Lukoil, Yanbu Aramco Sinopec Refining, Abu Dhabi Gas Liquefaction Company and Abu Dhabi Oil Refining Company represented the regional oil and gas companies and shared their personal experience of EPC contracts, working on mega-projects and managing stakeholders.