Rotary

Rotary: Awarded $200m worth of EPC contracts in Singapore and Saudi Arabia. First contract awarded by a joint venture between three multinational oil companies to build a shared lubricant storage facility in Tuas South, covering the construction of 80 tanks, common pipelines, import/export jetty topsides and supporting infrastructure. The facility will be located adjacent to the oil companies' lube oil blending and grease manufacturing plants. Construction works will commence from Jul, with expected completion in 2015. In Saudi Arabia, three contracts were awarded by international EPC players for projects in Jubail Industrial City. The first contract consist of EPC work for 14 tanks for an elastomers plant that produces high spec synthetic rubber, the second for the erection of 28 tanks at the Sadara South Tank Farm within the Jubail petrochemical complex and the third contract is for fabrication works at a multi-feed petrochemical cracker complex. Further, Rotary is exploring business opportunities in Oman after setting up its representative office in Muscat earlier this month. A recent media report cited the expansive growth of the country, estimated to spend US$65b worth in projects over 2013 to 2017, double of the expenditure in the last five years. Notably, the sovereign fund of the Oman government, Oman Investment Fund, currently owns 21.4% of Rotary. Rotary clinched $600m worth of contracts year-to-date and is currently working on two major EPC projects at Fujairah Oil Terminal and Pulau Busing, both worth an aggregate $617.5m, with an expected completion within the next two years.