At least $60 billion dollars worth of energy contracts are up for grabs in four key Gulf markets over the next three years, the regional head of French oil and engineering group Technip said on Monday.
"In Saudi Arabia, Kuwait and Qatar about $40 billion dollars worth of EPC (engineering, procurement and construction) contracts will be awarded by 2012," Arturo Grimaldi senior vice president of the Middle East Technip told reporters at a MEED conference.
"In the UAE (United Arab Emirates) about $21 billion dollars of contracts are to be awarded in the next nine months," he said, declining to elaborate.
The oil and gas sector in the region is well placed to capture significant market share of the expected increase in oil and gas demand, particularly in Asia, with the outlook for the sector seen to be stable, Moody's Investor Services said.