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Indian engineering and construction conglomerate Larsen & Toubro (L&T) has announced that one of its key units has secured a mega contract worth $1.5 billion from Saudi oil giant Aramco for a key project in the kingdom.
As per the deal, L&T Energy Hydrocarbon (LTEH) will be providing the main EPC (engineering, procurement, and construction) services for the Phase I of Aramco's ambitious Carbon Capture & Storage (CCS) hub in the kingdom, reported CNBC TV18.
The contract is part of Aramco's Accelerated Carbon Capture & Sequestration (ACCS) initiative aimed at reducing carbon emissions and enhancing the company’s CCS capacity.
Phase I is a crucial component of Aramco's long-term environmental strategy, as the company pushes to mitigate its carbon footprint and strengthen its position in the global energy transition.