Muscat Securities Market-listed (MSM) engineering, procurement, and construction (EPC) contractor, Al Hassan Engineering has been awarded a construction contract for a new project by the Sultanate’s state-owned oil giant Petroleum Development Oman (PDO).
In a stock market missive, Al Hassan Engineering said that it has secured a letter of award (LoA) from PDO on 17 August, 2020.
According to the LoA, a construction works contract for Qarn Alam Cogeneration Power project was secured by the company, with the total value of $20m (OMR7.7m).
The contract will be carried out for a span of 22 months, starting from September 2020.
Al Hassan Engineering said that it expects reasonable profit from the project.
Earlier this year, Abu Dhabi Judicial Department approved the Omani EPC contractor’s request to liquidate Al Hassan Engineering Company LLC in Abu Dhabi, according to a judgment issued on 21 January, 2020.
Abu Dhabi Judicial Department had also ordered for the appointment of a liquidator to start the liquidation process.
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