Petronas has awarded Va Tech and its partner Muhibbah Engineering Bhd a contract worth Rs 1,500 crore . (Express Photo)
Share price of Va Tech Wabag jumped around 5 per cent in the early trade on Thursday after the company informed stock exchanges on Wednesday (post market hours) that Malaysia’s national oil and gas company, Petroliam Nasional Berhad (PETRONAS) awarded Rs 1,500 crore effluent treatment plant order to the consortium of VA Tech Wabag and Muhibbah Engineering.
At 9.33 am, Va Tech Wabag shares were trading 4.81 per cent higher at Rs 716.60. It opened at Rs 718 and had touched a high and low of Rs 735.35 and Rs 714, in trade so far. Sensex was up 0.61 per cent at 25,609.
The contract was awarded by PRPC Utilities and Facilities Sdn. Bhd., a subsidiary under the PETRONAS Group of companies.
In a BSE filing, the company said, “The contract value of the ETP is about Rs 1,500 crore. The ETP will form part of the RAPID complex at Pengerang, Johor, in southern Malaysia.”
The RAPID Project consists of a world scale integrated site which includes refining activities and petrochemicals production. The refinery will have a capacity of 3,00,000 barrels per day(bpd), while the Steam Cracker’s combined annual production is anticipated to be more than 3 million tonnes per annum of ethylene, proplene and C4-C6 olefins products. Products from the refinery and steam cracker will be the feedstock to produce premium differentiated specialty petrochemical products. RAPID is PETRONAS’ largest green-field downstream undertaking in Malaysia, and along with its six major associated facilities, forms the Pengerang Integrated Complex.
Va Tech Wabag is a leading MNC in water and waste water management.
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