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  Larsen & Toubro climbs EPC contractor ranking

  24 November 2025

  

   

  The oil, gas and petrochemical engineering, procurement and construction (EPC) sector in the Middle East and North Africa (Mena) has enjoyed another strong year in historical terms.

  This remains true even though the total value of awards in 2025 – $62.5bn as of the first week of November – looks set to fall short of the record highs of $86bn in 2023 and $95bn in 2024. The level of market activity nevertheless remains well above the long-term average of $46bn and the 10-year average of $50bn.

  Looking beyond the top line, the most notable trend of the year is the outsized success of India’s Larsen & Toubro (L&T) in securing many of the largest recent schemes in Saudi Arabia and Qatar. 

  Chinese contractors have also made steady progress in increasing their market share. Some industry stalwarts, by contrast, have seen considerably less success.

  While some of this can be attributed to the cyclical nature of tendering and more selective bidding by established players with already large order books, MEED’s ranking of total execution values bears out the broader trends.

  

  L&T’s dramatic surge

  The most dramatic shift in the EPC landscape over the past 12 months (Q4 2024-Q3 2025) has been a $12.7bn surge in awards secured by L&T. This rapid expansion of its value of work under execution to $25.4bn has brought the company to within one place of the top of MEED’s EPC contractor rankings – falling just shy of the $26.9bn currently being executed by Italy’s Saipem.

  L&T’s recent successes include the March win of the $4bn combined package 4A and 4B (Comp4) of QatarEnergy LNG’s North Field Production Sustainability programme – the largest project awarded during the period. L&T also won the $2.5bn fifth natural gas liquids train (NGL-5) project from QatarEnergy, and four separate contracts worth more than $1bn each with Saudi Aramco.

  These wins built on an already burgeoning order book – one that also includes the $3.6bn phase 2: package 1 of the Jafurah gas treatment facility, awarded by Aramco in September 2023.

  L&T’s rise has also been helped by relative inactivity among other top firms. Both Saipem and Italy’s Maire Tecnimont achieved prominent ranking positions a year earlier after securing, respectively, the $8.2bn offshore and $8.7bn onshore packages of Adnoc’s Hail and Ghasha programme in October 2023. Those awards, together with other contracts, saw the two Italian firms secure roughly $12bn in awards each in a single 12‑month stretch, catapulting them up the ranking.

  However, neither company has added significantly to their pools of work over the past 12 months, in sharp contrast with L&T, which has seized momentum in the regional contracting landscape. So far, L&T has displaced Maire Tecnimont to reach second place regionally; another year of even marginally comparable momentum should put it at the top.

  Also notable is the gap between L&T’s total awards over the past 12 months and those of its nearest competitors. L&T’s $12.7bn in wins rivals the combined value of the next three largest EPC contractors. As a share of an estimated $70bn in total awards across the sector over the same period, L&T secured about 18% of the work.

  The previous year, Saipem and Maire Tecnimont each secured closer to 12% of awards. This underlines L&T’s considerable momentum both in terms of its order book and market share growth.

  Chinese push

  Two other significant winners over the past 12 months are China Petroleum Engineering & Construction Corporation (CPECC) and China Offshore Oil Engineering Company (COOEC), which secured $5bn and $4.3bn-worth of awards, respectively.

  These contracts wins have moved the two Chinese firms up into the top 20 EPC contractors. CPECC’s success is largely attributable to the niche it has developed in Iraq and Algeria, where about $4.4bn of its awards were won – led by a $1.6bn contract to deliver the central gas complex for Basra Oil Company’s Artawi development.

  COOEC’s recent wins have been concentrated in the GCC, specifically on phases one and two of QatarEnergy’s Bul Hanine offshore oil field expansion, which are worth a combined $4bn.

  The US’ McDermott and Spain’s Tecnicas Reunidas – two long-term regional players – recorded the next strongest order-book additions, securing about $3.8bn and $3.4bn, respectively. McDermott’s new work includes the $2bn phase two of Adnoc Offshore’s Umm Shaif long‑term development plan and a $1.8bn contract to lay offshore pipelines and subsea power cables for QatarEnergy LNG’s North Field South programme.

  The next five biggest bookers over the period were South Korea’s Samsung C&T and Samsung E&A, the UAE’s Lamprell and Target Engineering, and Qatar’s Doha Petroleum Construction Company (DOPET) – each securing more than $2bn.

  Samsung C&T’s top award was for QatarEnergy’s $2.5bn carbon sequestration complex; Samsung E&A’s was for Taziz Chemicals’ $1.7bn methanol plant in phase one of its industrial chemicals zone.

  Lamprell secured five separate contracts from Saudi Aramco, the largest a $1.5bn award for offshore infrastructure on the Zuluf development.

  Target secured three UAE contracts, led by a $1.5bn award from Adnoc Offshore for phase five of its Das Island terminal facilities (part of the Lower Zakum long‑term development).

  DOPET secured two contracts from QatarEnergy, led by a $2bn award for phase three of the Bul Hanine offshore oil field expansion.

  Across the activity, it remains conspicuous how rapidly values fall away from the top winners and how concentrated the recent awards are with L&T. While the contraction in total award value may partly explain this dynamic, the broader trend is clear: the concentration of work with L&T makes it the company to watch in regional bidding rounds in the year ahead.

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  John Bambridge
• 
  Chinese firm signs deal for Algerian steel project

  24 November 2025

  China’s Sinomach Heavy Equipment has signed a contract to develop a steel rolling facility in Algeria.

  The project will be executed by its subsidiary, China National Heavy Machinery Corporation (CNHMC).

  The turnkey contract includes planning, design, equipment supply, construction, installation and commissioning.

  The scope of the project includes:

  • A rolling mill production line
  • Auxiliary facilities
  • Steel structure workshops

  In a statement, CNHMC said: “The signing of this contract marks a new stage in the company's market expansion in the African metallurgical sector.

  “CNHMC will fully leverage its technological and management advantages in the metallurgical field, strictly control the project's quality and schedule, and strive to complete and deliver the project on schedule with high quality and high standards, making it a benchmark project in the Algerian market.”

  The company said it will use its regional headquarters in Turkiye to ramp up its activities in the Algerian market and other neighbouring countries.

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  Wil Crisp
• 
  Contractors submit Riyadh Expo infrastructure bids

  24 November 2025

  

   

  Saudi Arabia’s Expo 2030 Riyadh Company (ERC), which is tasked with delivering the Expo 2030 Riyadh venue, received commercial bids from contractors on 23 November for the tender to undertake the initial infrastructure works at the site.

  The tender for the project’s initial infrastructure works was issued in September, MEED previously reported.

  In October, MEED revealed that 16 firms had been invited to bid for the contract to undertake the initial infrastructure works at the Expo 2030 Riyadh site.

  The firms invited to bid include:

  • Shibh Al-Jazira Contracting (local)
  • Hassan Allam Construction (Egypt)
  • El-Seif Engineering Contracting (local)
  • Al-Ayuni Investment & Contracting (local)
  • Kolin Construction (Turkiye)
  • Al-Yamama Trading & Contracting Company (local)
  • Saudi Pan Kingdom (local)
  • Unimac (local)
  • Mapa Insaat (Turkiye)
  • Yuksel Insaat (Turkiye)
  • IC Ictas / Al-Rashid Trading & Contracting (Turkiye/local)
  • Mota-Engil / Albawani (Portugal/local)
  • Almabani / FCC Construction (local/Spain)

  The overall infrastructure works – covering the construction of the main utilities and civil works at Expo 2030 Riyadh – will be split into three packages:

  • Lot 1 covers the main utilities corridor
  • Lot 2 includes the northern cluster of the nature corridor
  • Lot 3 comprises the southern cluster of the nature corridor

  In July, US-based engineering firm Bechtel Corporation announced it had won the project management consultancy deal for the delivery of the Expo 2030 Riyadh masterplan construction works.

  The masterplan encompasses an area of 6 square kilometres, making it one of the largest sites designated for a World Expo event. Situated to the north of the Saudi capital, the site will be located near the future King Salman International airport, providing direct access to various landmarks within Riyadh.

  Countries participating in Expo 2030 Riyadh will have the option to construct permanent pavilions. This initiative is expected to create opportunities for business and investment growth in the region.

  The expo is forecast to attract more than 40 million visitors.

  The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth vehicle, launched ERC in June as a wholly owned subsidiary to build and operate facilities for Expo 2030.

  In a statement, the PIF said: “During its construction phases, Expo 2030 Riyadh and its legacy are projected to contribute around $64bn to Saudi GDP and generate approximately 171,000 direct and indirect jobs. Once operational, it is expected to contribute approximately $5.6bn to GDP.”

  

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  Yasir Iqbal
• 
  Chinese firm signs deal for 4GW Saudi solar project

  24 November 2025

  Chinese firm Arctech has announced a cooperation agreement with PowerChina Huadong Engineering for the 4.2GW Afif solar photovoltaic (PV) project in Saudi Arabia.

  The partnership will involve Arctech supplying its SkyLine 2 single-axis tracking system, designed to follow the sun in high-wind and desert environments.

  Located near Riyadh, the Afif solar complex forms part of the Public Investment Fund’s (PIF) 15GW renewables programme announced earlier this year.

  It comprises two independent power projects (IPPs): Afif 1 (1.8GW) and Afif 2 (2.4GW). PowerChina Huadong is the engineering, procurement and construction (EPC) contractor for both schemes.

  In October, a consortium of Acwa Power, Water & Electricity Holding Company (Badeel) and Saudi Aramco Power Company (Sapco) reached financial close on five solar IPPs under the PIF programme, including Afif 1 and Afif 2.

  The deals were signed at the ninth Future Investment Initiative (FII) conference in Riyadh.

  The five projects have a combined value of about $6.4bn and a total capacity of more than 12GW. They include the 3GW Bisha solar IPP, the 3GW Humaij solar IPP and the 2GW Khulis solar IPP.

  India’s Larsen & Toubro is the EPC contractor for the Bisha and Humaij solar projects.

  China Energy Engineering Corporation (CEEC) recently signed the EPC contract for the 2GW Khulis solar PV project. 

  The firm also signed EPC contracts for the two remaining projects in the renewables package, the 1GW Shaqra wind project and the 2GW Starah wind project, reaching $2.75bn in contracts across the three projects.

  All schemes under the 15GW PIF renewables package are scheduled to begin operating between the second half of 2027 and the first half of 2028.

  

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  Mark Dowdall
• 
  Wafra Joint Operations seeks more participation for upstream tender

  24 November 2025

  

   

  Wafra Joint Operations (WJO) is seeking more participation from companies in a tender for a project to upgrade a key oil and gas gathering centre in the Divided Zone, which is shared between Kuwait and Saudi Arabia, according to industry sources.

  A pre-bid meeting was held for the project, but due to low interest at the original meeting, WJO is now planning a second meeting.

  The project is focused on upgrading the main gathering centre at the Wafra field, which processes Eocene crude oil.

  WJO’s onshore operations cover an area of around 5,000 square kilometres in the Divided Zone.

  Saudi Arabian Chevron and Kuwait Gulf Oil Company are equal shareholders in WJO.

  Six major fields have been discovered in the WJO area to date: Wafra, South Fuwaris, South Umm-Gudair, Humma, Arq and North Wafra.

  The first discovery in this area was made in 1954, when the first well in the Wafra Field was drilled and completed.

  

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  Wil Crisp