Essar Unit Bidding for $220 Billion in Gulf Projects, CEO Says
Stock Chart for Essar Ports Ltd (ESRS)
Essar Projects Ltd. is bidding for engineering and construction contracts worth $220 billion in Saudi Arabia, Oman, Qatar, Kuwait and the United Arab Emirates, President and Chief Executive Officer Alwyn Bowden said.
“We can’t win them all, but we will try to win a considerable amount of these projects,” he said today in an interview in Khobar, Saudi Arabia.
Most of the projects Essar is targeting in the Persian Gulf region are in the oil and natural gas industries, Bowden said. Essar Projects, a unit of India’s Essar Group, generates annual revenue of about $2 billion, he said. The engineering and construction company is based in Dubai in the U.A.E.
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