19 Feb , 2024 By : Debdeep Gupta
L&T shares fall as Aramco reportedly defers bid process for Safaniyah oilfield projects, It was likely in a race to acquire major EPC orders with respect to the Safaniyah oilfield
Larsen & Toubro shares fell on February 19 on reports of Saudi Aramco deferring the bid process for $ 10 billion orders for Safaniyah oilfield projects.
At 1050 hours on Monday, L&T's scrip on BSE was trading 1% lower at Rs 3,352 as L&T was likely in a race to acquire a major EPC order concerning the Safaniyah oilfield.
News reports are suggesting that Safaniyah expansion is being deferred due to the Saudi directive to cap production, reported CNBC-TV18 on Monday.
At least 10 EPCI deals involving the further expansion of Aramco's Safaniyah oilfield have been canceled, said reports. EPCI is engineering, procurement, construction, and installation.
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