Gulf Cryo receives supply achievement award
Gulf Cryo, a leading provider of industrial gas solutions, has received a supply achievement award from Hyundai Engineering Company for its supply of liquid nitrogen (LIN) at the world’s largest liquified natural gas (LNG) terminal in Al Zour, Kuwait.
According to Gulf Cryo, the award was given as a result of an unrivalled supply performance during the commissioning phase of the world’s largest single-construction LNG terminal at Al Zour, designed to import as much as 22 million tonnes of LNG per year.
In an unprecedented move, Gulf Cryo has successfully supplied Al Zour LNG Terminal with more than 2,700 tonnes of LIN to cooldown the LNG terminal’s facilities hitting a temperature of -120 deg C prior to unloading the LNG from ships to storage tanks. The whole procedure was complete in no longer than a week time, and the LIN has been fully supplied through Gulf Cryo’s cryogenic gas production plants in Kuwait. Day four of the supply event marked the peak in supply where the LIN consumption reached 540 tonnes per day.
Once the terminal facilities have reached cryogenic temperatures, they are assessed whilst maintaining an inert atmosphere, ensuring the mechanical integrity of the jetties and the piping system. This makes the unloading of LNG from the carrier simpler and less time-consuming. Both the cooldown procedure and the equipment utilised were subject to HAZOP studies.
Galfar Engineering swings to $6.8m profit in H1
Oman-based Galfar Engineering & Contracting has reported a net profit of RO2.626 million ($6.8 million) for the first half of the year compared to losses of RO11.044 million ($29 million) for the same period last year.
This is the company’s first profit after six straight years of losses as the company’s new turnaround plan, which was adopted earlier this year, has started showing signs of progress, says Galfar.
The sultanate’s largest construction and contracting firm points out that this improved performance was on account of various initiatives taken by the company as part of its turnaround strategy especially restructuring and re-organisation and the implementation of stringent cost control measures.
The positive bottom-line results came despite a drop in revenues by approximately six per cent compared to the same period in 2020 as a result of reduced scope of works, and cash flow constraints.
Galfar has certified overdue receivables of more than RO52 million as of date from government and government related projects – the majority of which relate to long-completed transportation and waste water network projects, it states.
The delay in receiving the overdue amounts has caused a significant strain on its cash flow, which resulted in suboptimal execution of certain projects and delay in completion of others. As a result, revenue was lower than planned and below that registered for the same period in 2020, it added.
Azizi signs up MAC for Riviera Phase Three work
Azizi Developments of the UAE has signed a AED23-million ($6.26 million) contract with MAC Electromechanical Engineering Contracting to provide mechanical, electrical, and plumbing (MEP) services for its stylish waterfront project Riviera in Dubai.
Under this deal, MAC will be handling the engineering, supply, installation, testing, commissioning work in addition to MEP works for three of the buildings within the third phase of Riviera, Azizi’s French Mediterranean-inspired residential and commercial community at MBR City in Dubai.
MAC Electromechanical Engineering Contracting’s portfolio comprises some of the most renowned projects in the UAE. Over the last 13 years, it has worked with some of the biggest names in the UAE, including wasl, Damac, Meraas, Majid Al Futtaim, RTA, Danube, Al Ghurair Group, Ellington and Jumierah Golf Estate.
On the tie-up, Chief Development Officer Mohamed Ragheb Hussein says: “Our team works tirelessly to analyse all possible supplier options in the market and only bring on board the absolute best-in-class. The signing with MAC is a reflection of our unremitting efforts in customer-centricity and offering properties of high quality. ”
Masah Construction wins key Saudi hospital project deal
Saudi-based Dr Sulaiman Al Habib Medical Services Group has awarded the contract for mechanical, electrical and plumbing (MEP) services and glazing works for its North of Riyadh Hospital project in the capital.
The contract worth SR518 million ($138 million) was awarded to Masah Construction Company and work is likely to begin soon and is due for completion by the first quarter of 2023, it says. In May, Dr Sulaiman Al Habib Medical Services Group had announced plans to set up a new 141-bed hospital project in Al Kharj governorate in the south of capital Riyadh for one of its subsidiaries, Sehat Al Kharj for Healthcare, at an investment of SR458 million ($122 million).