OAO Stroytransgaz became the first Russian Company which acquired a right to work on the oil and gas market of Saudi Arabia.
Tuesday, March 18, 2003
OAO Stroytransgaz became the first Russian Company which acquired a right to work on the oil and gas market of Saudi Arabia. Having successfully passed a registration procedure Stroytransgaz obtained a status of the official contractor of the state company of Saudi Aramco.
Registration as official contractor is an obligatory procedure for all foreign companies wishing to be partners of the Saudi oil and gas monopolist Saudi Aramco and work on the market of the Kingdom. The status of the official contractor of Saudi Aramco gives OAO Stroytransgaz the right to participate in the tenders on realization of large-scale oil and gas projects of that company – the largest producer of oil in the world. In the history of Russian-Saudi relations this is the first case when a Russian company has gained access to the oil markets of the Kingdom. Business relations between OAO Stroytransgaz and Saudi Aramco were established last year. At the end of 2002 Stroytransgaz was invited to have registered as official contractor of Saudi Aramco. It will be recalled that at the beginning of March this year OAO Stroytransgaz signed an agreement on formation of Consortium with one of the largest multipurpose companies of Saudi Arabia – Saudi Oger Ltd. Formation of the Consortium makes the position of both companies stronger in competitions on engineering, supply of equipment and construction of main oil and gas pipeline systems in the Kingdom.
