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.
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