SapuraKencana Petroleum Berhad Secures $127 Million Contract to Enter Europe with a Pipeline Project

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SapuraKencana Petroleum Berhad Secures $127 Million Contract to Enter Europe with a Pipeline Project

Mon, 08/08/2016 - 12:21
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SapuraKencana 3500, Pipelay Crane Vessel  (© Sapurakencana)
SapuraKencana 3500, Pipelay Crane Vessel (© Sapurakencana)

Malaysia’s SapuraKencana Petroleum Berhad has won a major contract to construct the Transanatolian Natural Gas Pipeline (TANAP) project. Worth 510 Malaysian Ringgit, or $127 million, SapuraKencana makes its entry into Europe with one of the largest pipeline construction projects to date. The offshore section of TANAP will be stretched 18 km across the Canakkale Strait.
This natural gas pipeline project will establish a link between Asia and Europe. The pipeline will supply natural gas from Azerbaijan’s Southern Gas Corridor to Europe passing through Georgia and Turkey, providing Europe with an alternative to gas from Russia.

Tan Sri Dato’ Seri Shahril Shamsuddin, President and CEO of SapuraKencana said that they are happy with this contract that showcases how their strategies and transformation are increasing their competitiveness globally. A contract like this will positively contribute towards the performance of the Group.

SapuraKencana has secured successful new contract wins worth RM3.1 billion in this financial year. This includes their contract with TANAP as well as the latest awards in Mexico.
TANAP construction is expected to commence in the third quarter of this year and be completed by the third quarter of 2018. TANAP has three stakeholders, which are State Oil Company of Azerbaijan Republic (58%), stated-owned Turkish BOTAS Petroleum Pipeline Corporation (30%) and British Petroleum Plc (12%).

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