GAS signs SAR 830.6M contracts with SPPC
Gas Arabian Services Co. (GAS) signed two contracts, on May 25, with the Saudi Power Procurement Co. (SPPC), the principal buyer, with a total value of SAR 830.64 million, excluding value-added tax (VAT).
In a statement to Tadawul, the company said the first contract entails the construction of gas pipeline networks to supply the Nairyah Independent Power Project (IPP), valued at SAR 504.32 million, excluding VAT.
In a separate statement, the company noted that the second contract involves the construction of gas pipeline networks to supply the Rumah IPP, with a value of SAR 326.32 million, excluding VAT.
The company explained that both contracts include the design, engineering, procurement, supply, and transportation of all equipment and materials, as well as the construction, installation, and commissioning testing of the Rumah IPP. Each contract has a duration of 24 months.
GAS expects these contracts to have a positive financial impact on its financial statements for the years 2025 through 2027.
According to data compiled by Argaam, GAS had recently announced the award of the two contracts with the SPPC, totaling SAR 830.64 million, excluding VAT.
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