Galfar Engineering & Contracting, Oman’s largest multi-disciplined engineering, contracting and construction company, has recently been awarded a sub-contract for US$16mn from China Petroleum Pipeline Engineering Company (Oman)
The subcontract involves pre-site preparation, grading, levelling and blasting works for the Ras Markaz crude oil park project (Phase 1) and is expected to be completed by March 30, 2020.
The Ras Markaz crude oil park project, which expanded the Duqm Special Economic Zone, is part of country’s plans to expand crude-oil export capacity and become a global player in the commercial oil-storage market. Ras Markaz is managed by the Oman Tank Terminal Company (OTTCO), established by the Oman Oil Company.
This project comes as good news for Galfar which had reported a 9% decline in its revenues for the first half of 2019. This was mainly due to payment setbacks resulting in delays in some of the projects’ completion. The company’s revenues fell to OMR126.94mn in the first half of 2019 compared to RO139.58mn in the same period of 2018.
Its consolidated net profits from continued operations also fell more than 17% to OMR 2.48mn in the six months period that ended June 30, 2019 vis-à-vis RO3.016mn in the same period in 2018.
However, the company added that it has received new orders worth OMR117mn during the first six months of this year and the order book was pegged at around OMR423mn. Major contracts awarded during the period were the construction of water network in the Wilayat of Al Hamra for OMR27mn and dualisation of Rusail-Nizwa road for OMR86mn.