L&T gains on reports of likely Rs 24,000-crore order from Saudi Aramco

CNBC-TV18 has said L&T is preferred contractor for the $2.9 billion (approximately Rs 24,000 crore) for the Jafurah unconventional gas development project

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Shares of Larsen & Toubro opened around a percent higher on September 7 following a report that the Indian infrastructure player was likely to bag an order worth $2.9 billion (around Rs 24,000 crore) from Saudi Aramco’s Jafurah unconventional onshore gas development project.

Saudi Aramco has planned a $110 billion Jafurah gas project in the eastern province. A CNBC-TV18 report said that L&T is the preferred contractor for a $2.9 billion contract.

The company classifies projects worth Rs 1,000 to 2,500 crore as significant orders, while those in the range of Rs 2,500 to 5,000 crore as classified as “large”.

According to the report, L&T will develop a gas processing plant and main process units for the project. However, the company is yet to respond to queries from CNBC-TV18.

At 9.19 am, shares of L&T were trading 0.5 percent higher at Rs 2,743 on the National Stock Exchange.

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Besides, L&T also submitted bids for another package of orders worth $10 billion for Saudi Aramco Safaniyah Gas Field recently.

In August, the construction major also bagged a significant order from Australia-based Saipem & Clough JV for the fabrication and supply of process and piperack modules for a 2.3 MMTPA urea plant for Perdaman Chemicals and Fertilisers.

The power, transmission and distribution vertical of Larsen & Toubro also secured new orders in the Middle East in the previous month.

At the end of FY23, L&T’s orderbook stood at Rs 399,526 crore, reflecting a nearly 12 percent on year jump.

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