Yuchengco construction firm wins $141-M Saudi contract

Listed construction firm EEI Corporation has bagged a $141-million contract to build oil company Saudi Aramco’s central processing facilities in Manifa, Saudi Arabia. The project is part of the Saudi Arabian firm’s project to increase the kingdom’s oil output by 900,000 barrels daily, Yuchengco-led EEI told the Philippine Stock Exchange on Thursday. EEI will undertake the project through joint venture company Al Rushaid Construction Company, Ltd. (ARCC). "The ARCC’s scope of work focuses on the construction of the utilities and involves, but is not limited to mechanical, electrical and instrumentation works," EEI said. The site work will start this September. EEI is a member of the Yuchengco group of companies, which has interests in banking, insurance and financial services, education and property development. It operates as a construction company that provides general contracting and specialty construction services here and abroad. The company builds power generating and transmission facilities; oil refineries; chemical production, cement and semiconductor assembly plants; food and beverage manufacturing facilities; road, rail and bridge infrastructure; and high-rise landmarks. EEI shares finished 20 centavos higher at P2.95 apiece on Thursday. — N.P. Aquino, GMANews.TV