Maire Tecnimont: Signed Letter Of Intent With Total In EUR500 Million Italy Deal

Italian engineering company Marie Tecnimont SpA (MT.MI) Wednesday said it signed a letter of intent with Total SA (TOT) for the engineering, procurement, supply, construction and commissioning of an oil and natural gas facility in Italy worth about EUR500 million.

In a statement, Marie Tecnimont said the engineering work will start on May 14. The scope of the contract is the main part of the "Tempa Rossa oil field" development project located in the southern Italian region of Basilicata, it added.

The contract includes the central process facilities of the oil center where 50,000 barrels per day of crude are treated and stabilized and the treatment of the associated gas and water, the liquefied petroleum gas storage center, the surface facilities on the well pads, the connections of the flow lines and pipelines with Snam SpA (SRG.MI) and with the Taranto refinery pipeline.

-By Liam Moloney, Dow Jones Newswires; +39 06 6976 6924; liam.moloney@dowjones.com

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