Clonmel-headquartered engineering group Kentz has signed a framework agreement with Shell in order to provide the multinational oil giant with services at a major gas facility in Qatar, as well as related offshore platforms and connecting infrastructure.
The initial three-year agreement will involve engineering design, construction supervision and procurement services on a so-called Pearl Gas To Liquids (GTL) plant in Qatar, as well as services to its offshore platforms, harbour tank farms and offloading jetties. The contract has a two-year extension option.
The Pearl GTL project is the largest of its type in the world and is being jointly developed by Qatar Petroleum and Shell.
At peak production, the facility will be able to produce 140,000 barrels a day of GTL fuels and products as well as the equivalent of 120,000 barrels a day of natural gas liquids and ethane.
The final cost of the overall Pearl project has been estimated at as much as $24bn (€18.5bn). It's expected that the plant will be fully commissioned by this year.
Evolution Securities yesterday raised its price target for Kentz stock to £4. Shares in the company, quoted in London, closed at £3.49, up 1p.