France's Technip said Wednesday it has signed a memorandum of understanding with a Saudi oil and gas engineering firm to set up a joint-venture company to focus on a range of engineering services in the Saudi oil, gas and petrochemical sectors. The planned Engineering Center of Excellence, a 50-50 joint venture between Technip and SaudConsult, will focus on frontend engineering design (Feed) and detailed engineering, procurement and construction (EPC) management services. It will be based in Al-Khobar, on the eastern coast.
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