BUZZ-Tecnicas Reunidas rises after contract win in Saudi Arabia

Reuters

Jul 28

BUZZ-Tecnicas Reunidas rises after contract win in Saudi Arabia

** Spain's Tecnicas Reunidas TRE.MC rises 6% after winning a convertible FEED contract to design a giga-scale green ammonia facility in Yanbu, Saudi Arabia

** After the 10 months of the contract, Tecnicas Reunidas and its partner Sinopec Guangzhou Engineering will present an engineering, procurement and construction proposal for the execution of the facility, the firm said

** The facility would be ready by 2030 and the investment budget for this first phase is around 6 billion euros ($7.03 billion), Spanish newspaper Expansion reported on Monday

** The positive news demonstrates Tecnicas Reunidas' success in its new strategy of starting upstream of turnkey execution to reduce risk and the success of collaborating with its strategic partner Sinopec, Renta 4 analyst César Sánchez-Grande says

** If gains hold, the stock will see its best day since mid-May; including Monday's rise, shares are up about 93% YTD

($1 = 0.8532 euros)

(Reporting by Javi West Larrañaga)

((javier.west@thomsonreuters.com; +34 918 35 61 12))

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