This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Petrocon Arabia Reports A 202 Percent Growth

DAMMAM, Saudi Arabia, January 9, 2013 /PRNewswire/ --

El-Khobar based company Petrocon Ltd was listed among the top 25 fastest growing companies of 2010, with 202 percent overall growth within five years. The average annual profit during the period between 2004 and 2008 has been reported at an estimated SAR200 million (approximately USD53 million).

The Saudi energy engineering company is the second to reach the rankings for co-owner Fahad Al-Tamimi. Petrocon Ltd was positioned at number 25 and WorleyParsons Arabia Ltd at number one with growth of over 4,358 percent.

To be included on the '100 Fastest Growing Saudi Companies' list is not only recognition for achieving the biggest percentage increase in annual income over a five-year period; it also celebrates these companies and their contribution to the Saudi economy. All of these companies have been responsible for creating more jobs, both short-term and long term, as well as being able to continue to give generously to charitable causes.

In 2006 Petrocon Arabia were announced as the front-end engineers who were to lead the design and project management of the latest Saudi Arabia and Bahrain crude pipeline installation. This new pipeline will allow for 350,000 barrels of crude oil to be supplied daily from the central processing and blending facility at Abqaiq.

Petrocon Arabia Ltd had been shortlisted to provide their services to energy giant Saudi Aramco, who released their plans to build a larger gas plant in Shaybah, Riyadh, part of the Eastern Province of Saudi Arabia. This would increase their output capacity by 7.2 billion cubic feet of energy per day. The Shaybah field, in the Rub al-Khali, will not be 100 percent complete and at capacity to produce these levels of gas until 2033. In 2009 it was announced that Petrocon Arabia Ltd beat US company Jacobs, Zamel & Turbag Consulting in their bid for this contract.

The company was also selected by Aramco as part of their shorter-term development plans, totalling billions of USD worth of energy projects. Aramco approached both local and international engineering companies to form their General Engineering Services (GES) contractors to manage these projects, following approvals from the Petroleum & Mineral Resources Ministry and the Supreme Petroleum Council.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs