Saudi Aramco has awarded $7.7 billion in contracts to expand its Fadhili gas plant's processing capacity to 4 billion standard cubic feet per day, the company said on Tuesday.
The plant currently has capacity to process 2.5 billion standard cubic feet per day. The expansion is expected to be completed by November 2027.
Aramco (2222.SE) awarded engineering, procurement and construction contracts to South Korea's Samsung Engineering (028050.KS) and GS Engineering & Construction Corporation (006360.KS) as well as Nesma & Partners, in which Saudi sovereign fund PIF took a stake last year.
The expansion will contribute to Aramco's strategy to boost its gas production by more than 60% from 2021 levcels by 2030.
The plant is also expected to add an additional 2,300 metric tons per day of sulphur production.
Saudi Arabia in January ordered Aramco to lower its oil production capacity target to 12 million barrels per day (bpd) from 13 million bpd.
The kingdom is working on developing its unconventional gas reserves, which require advanced extraction methods such as those used in the shale gas industry.
It is also looking at investing in liquefied natural gas (LNG) projects abroad, having made its first foray last year by buying a minority stake in MidOcean Energy for $500 million.
