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PEC wins major contract in Middle East

Vincent Chia

PEC Limited announced that it has won a major contract in the United Arab Emirates. The contract is for the development of a number of large crude and fuel oil tanks. Total combined capacity is about 430,000 cubic metres. It also includes all related infrastructure as well as integrating the new storage facilities with the existing processing units. The contract is awarded by a leading MNC client and is for a leading refinery in UAE. Total contract value is about $132 million. The project is scheduled for completion in Apr 2016. PEC has a proven track record, having completed a similar project in UAE before.

GET TO THE POINT : Always good to win contracts, especially major ones. This also reflects the lumpy revenue nature of this line of business.

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