EEI bags $192-million Saudi Arabia project

MANILA, Philippines - Construction giant EEI Corp., through its joint venture Al-Rushaid Construction Co. Ltd., has bagged a $192-million offshore project for Saudi Polymers Co. Ltd.’s ethylene plant located in Saudi Arabia.

In a statement, EEI said this brings its current portfolio of projects in Saudi Arabia to over P30 billion.  

EEI has been a player in the foreign market since 1974 when it first ventured into the United Arab Emirates and Saudi Arabia. Since then, the company has won major contracts in a wide range of large-scale industrial projects including petroleum refineries, power plants and major industrial installations in Saudi Arabia, Kuwait, Iraq, Algeria, Libya, Brunei, Malaysia and, recently, New Caledonia in the Pacific

In Saudi Arabia, EEI has undertaken numerous oil and gas refinery projects, gas oil separators, desalination terminals and tank farms for Saudi Aramco.

The company currently employs about 9,000 workers in its overseas operations.

EEI has also clinched huge contracts in the local market, including the P2.84-billion joint venture project with Hanjin Heavy Industries and Construction Ltd. for the construction of Berth 6 of the Manila International Container Terminal of port operator International Container Terminal Services Inc.

EEI posted a record net income of P506 million last year, up 44.57 percent from P350 million in 2007 due to increased construction activities overseas.

The board of directors of the company also declared a cash dividend of P0.10 per share to common stockholders which will be paid in four payment dates at P0.025 per share to stockholders of record as of April 7, 2009, June 4, 2009, Sept. 4, 2009 and Dec. 2, 2009.

Founded in 1931, EEI has been involved in the construction and erection of large-scale heavy and light industrial projects, infrastructure and property development projects. It has also expanded into the pension of general contract and specially construction services.

Listed at the Philippine Stock Exchange, EEI is a member of the Yuchengco Group of Company, a leading diversified conglomerate with interests in banking, financial and insurance services, education and property development.