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Petrofac wins $970 million Algerian contract

Reuters - UK Focus

May 16 (Reuters) - Oil and gas services group Petrofac Ltd , which slashed its 2014 profit forecast by 11 percent this month, said on Friday it was awarded an contract worth $970 million in Algeria.

Petrofac (Frankfurt: A0HF9Y - news) said the contract was for gas gathering, treatment and development of an export pipeline at the Reggane North Development project in the Reggane basin of the Sahara desert, 1,500 km (930 miles) southwest of Algiers.

The company said the contract was awarded by Groupement Reggane, a partnership between Algerian state-owned company Sonatrach, with a 40 percent stake; Spain's Repsol SA, with 29.25 percent; Germany's RWE Dea AG, with 19.5 percent; and Edison (Milan: EDNR.MI - news) of Italy, with 11.25 percent.

The project will bring on stream 26 wells from four fields in the Reggane basin, the company said. (Reporting by Karen Rebelo in Bangalore; Editing by Robin Paxton)