EFIC is providing a guarantee to Gasco's bank so they can provide a performance bond
Gasco Pty Ltd, one of Australia’s leading combustion and process engineering companies, has boosted its Middle East exports with a US$6.5 million contract to supply equipment to the Dolphin Energy Project.
The Melbourne-based exporter is supplying two fired heaters for a 240-kilometre gas pipeline from Taweelah (near Abu Dhabi) to Fujairah on the UAE’s east coast. Gasco will also supervise the erection and commissioning of the heaters and provide training.
Gasco’s client is Stroytransgaz, a Russian company which has won the engineering, procurement and construction contract for the Taweelah–Fujairah pipeline.
Export Finance and Insurance Corporation (EFIC), Australia’s export credit agency, is providing a guarantee to Gasco’s bank, ANZ, which in turn is issuing a performance bond to Stroytransgaz.
EFIC’s bonding and guarantee facilities can assist eligible Australian exporters to compete more effectively and confidently in global markets.
“As a condition of the contract, Stroytransgaz required the provision of a performance bond,” said Gasco’s CEO Nicholas Grzegorczyn. “EFIC and ANZ’s financial assistance with the bond supports our cash flow, frees up our working capital to deliver the contract and enables us to continue tendering for future projects throughout the world.”
The Taweelah–Fujairah Gas Pipeline Project, majority owned by Dolphin Energy Limited of Abu Dhabi, involves the production and processing of natural gas from offshore Qatar and transportation of the processed gas by pipeline to the UAE and Oman.
EFIC also assisted Gasco with a performance bond for a US$8 million contract to supply three fired heaters to a major Malaysian oil and gas company, for use in a large gas development project in Turkmenistan.
Established in 1991, Gasco has a wide range of Australian and international clients across various industries, including oil and gas (both onshore and offshore).
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