PROJECTS: Aramco bid deferment hits Indian EPC contractor’s share price

-1.73%

SAUDI ARAMCO

2222.SA

23.90

-1.73%

Staff Writer

The shares of Indian engineering and construction giant Larsen & Toubro (L&T) fell on Monday, 19 February, on news reports that Saudi Aramco is deferring the bidding process for the Safaniyah oilfield due to the Saudi government’s directive to cap production, CNBC-TV18, an Indian financial news channel, reported.

The report said L&T was among the contenders for the 10 EPCI [Engineering, Procurement, Construction and Installation] deals for Safaniyah field expansion.

The development impacts L&T as it was in the race to acquire a major order for the Safaniyah oilfield, the report said.

Shares of L&T closed 1.35 percent lower at INR 3,341.15.

The Safaniyah oilfield currently produces 1.3 million barrels per day of oil.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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