DUBAI, United Arab Emirates – State-owned Saudi Aramco says it has signed a deal for a new gas project that will be worth more than 50 billion Saudi riyals ($13.3 billion) when complete in 2019 aimed at meeting the kingdom's growing domestic demand for energy.
The company on Wednesday said the project will help lessen dependence on oil for power generation and accommodate 4,500 training, temporary and permanent jobs for Saudis. The Fadhili project will process gas from onshore and offshore fields.
Saudi Aramco says the Fadhili project will increase the kingdom's natural gas production to 17 billion standard cubic feet per day by 2020, in line with the country's National Transformation Plan.
The company says the deal was signed on Wednesday with India's Larsen & Toubro, Saudi KAD, Saudi Electricity Company and France's Engie.