PRESS RELEASE dated 20th December, 2000
New Saipem Onshore Construction Acquisition in Algeria
Saipem, a company of Eni Group, in association with the French company Spie Capag, has won the public tender called by the Algerian oil company Sonatrach, for the realisation of six pumping stations and the terminal of the Haoudh El Hamra- Arzew oil pipeline.
The project, which has a total value of US$ 324 million, of which Saipem portion is half, covers engineering, procurement of materials and equipment and construction activities.
The scope of work will be performed in two phases, the first of which shall have a duration of 24 months from the date of coming into force of the contract.
The project will benefit from an Italo-Franco-British Financing on an export-credit basis.