Tripoli, 8 June
UAE-based oil and gas specialist Target Engineering is seeking to become involved in the upgrading and expansion of Libyan . . .[restrict]oil and gas facilities.
The firm, which owns a majority stake in the Italian specialised marine design engineering business IDROTEC, is itself majority owned by Arabtec Holdings, the UAE’s biggest builder by market value.
Arabtec’s CFO Ziad Makhzoumi said today : ““Libya is a medium-term market for us on the residential side, but immediate for oil and gas. Our subsidiary Target Engineering is already looking at some projects in the sector. Libya needs to rehabilitate its oil and gas facilities to start production again. We’re looking at contracts in selected areas”.
?Arabtec, which more than tripled its first-quarter net profits to $22.90 million, expects to sign a $3 billion Abu Dhabi airport expansion project contract this month [/restrict]
