Construction
Galfar awarded subcontract worth US$16mn for work in Ras Markaz crude oil park project

Galfar Engineering & Contracting, Oman’s largest multi-disciplined engineering, contracting and construction company, has recently been awarded a sub-contract for US$16mn from China Petroleum Pipeline Engineering Company (Oman)
The subcontract involves pre-site preparation, grading, levelling and blasting works for the Ras Markaz crude oil park project (Phase 1) and is expected to be completed by March 30, 2020.
The Ras Markaz crude oil park project, which expanded the Duqm Special Economic Zone, is part of country’s plans to expand crude-oil export capacity and become a global player in the commercial oil-storage market. Ras Markaz is managed by the Oman Tank Terminal Company (OTTCO), established by the Oman Oil Company.
READ: First polyethylene pipe factory launched in Oman’s Duqm SEZ
This project comes as good news for Galfar which had reported a 9% decline in its revenues for the first half of 2019. This was mainly due to payment setbacks resulting in delays in some of the projects’ completion. The company’s revenues fell to OMR126.94mn in the first half of 2019 compared to RO139.58mn in the same period of 2018.
Its consolidated net profits from continued operations also fell more than 17% to OMR 2.48mn in the six months period that ended June 30, 2019 vis-à-vis RO3.016mn in the same period in 2018.
READ: Galfar to pull out of India
However, the company added that it has received new orders worth OMR117mn during the first six months of this year and the order book was pegged at around OMR423mn. Major contracts awarded during the period were the construction of water network in the Wilayat of Al Hamra for OMR27mn and dualisation of Rusail-Nizwa road for OMR86mn.
-
News1 month ago
Offer Price, Overview, Investors: Here’s Everything You Need to Know About Asyad Shipping’s Mega IPO
-
OER Magazines1 month ago
OER, February 25
-
Automotive2 months ago
[REVIEW] A Legend Reinvented: The Nissan Patrol Y63 Blends Heritage with Modern Mastery
-
Alamaliktistaad Magazines1 month ago
Al-iktisaad, February 2025
-
Energy1 month ago
Dubai Supreme Council of Energy Unveils 5th Emirates Energy Award 2023–2025 in Muscat
-
News2 months ago
Oil Prices Rise as Investors Assess New US Tariff Threats
-
News2 months ago
Middle East Emerging as a Key Destination for Sports Tourism
-
News1 month ago
Shell Oman Marketing Company Hosts the 1st Lubricants Technology Conference in Muscat
You must be logged in to post a comment Login