L&T’s Hydrocarbon Arm Wins Rs 2,200-Crore Abu Dhabi Order
L&T Hydrocarbon Engineering Ltd., a subsidiary of Larsen & Toubro Ltd., won an order worth over Rs 2,200 crore from an Abu Dhabi-based company.
The order, an engineering, procurement, construction contract, is for a major field development for Al Dhafra Petroleum Operations Company Ltd., L&T said in a notification to the stock exchanges today.
Al Dhafra Petroleum is a joint venture between Abu Dhabi National Oil Corporation, Korea Oil National Corporation, and GS Energy.
As part of the order, L&T Hydrocarbon will set up flow lines, gathering facilities, and pipelines to transfer crude oil and gas from the Haliba fields in east Abu Dhabi to a processing facility at Asab.
It also involves the installation of 132-kV and 33-kV overhead electrical transmission lines to supply power, the company said.
As on Dec. 31, L&T had a consolidated order book of around Rs 2.71 lakh crore, of which the hydrocarbon division accounted for 11 percent.
In a recent note, brokerage firm ICICI Direct had said it expects a gradual acceleration in execution of orders by the company over the next two financial years, since there are no slow-moving orders in the backlog.
Shares of L&T were trading higher by around 1.2 percent at Rs 1,346.5 in early trade.