IL and FS Engineering and Construction bags USD 100 million contract

Prime Star Energy is part of the Emirates Trading Agency LLC group and has tied up with the Infrastructure Leasing & Financial Services (IL&FS) to finance the project, IECC said in a statement issued here.

The storage tank terminal, which will be built at an estimated cost of USD 165 million, with an aggregate storage capacity of 600,000 cubic meters, is expected to be completed within the next two years, it added.

Prime Star Energy plans to undertake the development, operations and maintenance of the terminal for oil and oil products at Fujairah.

"The storage tank contract is an important development for IECC as it marks its entry into the Oil and Gas sector in the Middle East and will enable IECC to qualify for other works in this space," it said.

IECC, which is a joint venture between financial services provider IL&FS and Saudi BinLadin Group, had recently bagged an infrastructure project worth USD 100 million in Damman, Saudi Arabia.

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