SINGAPORE (Sept 11): PEC, the plant and terminal engineering specialist, secured $250 million worth of new contracts with existing clients in its key Asia and Middle East markets.

These include a contract in the Middle East, where the Group will provide engineering, procurement and construction (EPC) works for a crude oil tank terminal with a storage capacity of 600,000 cubic metres.

When this project is completed in 2020, PEC would have built more than 2 million cubic metres of storage capacity in the Middle East, strengthening its established track record in storage terminal facilities there.

The other awards include an EPC contract for propylene tankage facilities in Singapore as well as an EPC gas pipelines project and mechanical works.

Robert Dompeling, PEC’s group CEO, said: “These contract wins testify to our clients’ confidence in our capabilities to deliver well on time and meet exacting standards, affirming PEC as a trusted brand in the process industry. The pickup in downstream investments in Asia and the Middle East – from the upgrading of existing infrastructure to the construction of naew facilities – present opportunities for PEC, supported by our strong reputation and proven integrated project and maintenance capabilities. We are well placed to tap on these prospects but will continue to exercise prudence in bidding for new contracts.”

PEC’s new projects are expected to have a positive contribution to the group’s earnings for the current financial year ending June 30 2019.

As at 10.23am, shares in PEC are up 3 cents at 61 cents.