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L&T to invest $50-60 billion in O2C & petrochemical projects in the Middle East
Industry News- Jul 16,24
L&T is seeking potential joint ventures with other engineering, procurement, and construction (EPC) companies for these significant projects.
Larsen & Toubro (L&T) is reportedly exploring investments worth $50-60 billion in oil-to-chemicals (O2C) and petrochemical projects in the Middle East, set to commence in the financial year 2025. This was highlighted by Subramanian Sarma, Whole-time Director and President (energy), L&T, in a report by the source.
“There’s a $50 to $60 billion opportunity in O2C projects. I expect these to come up for execution maybe in FY25, or sometime next year," Sarma stated.
L&T is seeking potential joint ventures with other engineering, procurement, and construction (EPC) companies for these significant projects. The company aims to capitalise on its expertise and collaborate with other major players to optimise these opportunities.
In addition to these developments, L&T's pipeline for conventional projects remains robust, with increasing momentum in green energy projects. The company identifies opportunities in blue ammonia and carbon capture projects in the Middle East, and sees notable developments in green hydrogen in Europe.
L&T plans to focus on green hydrogen projects, emphasising electrolyser manufacturing, EPC projects, and manufacturing for export from India. This aligns with the company’s strategy to diversify and expand its green energy portfolio alongside its traditional engineering business.
L&T, India's largest construction and engineering company, has a market cap of $60.11 billion. As per the financial data for Q4 2024, L&T holds a consolidated total order book of Rs 4.75 trillion.
L&T's exposure to international orders in the Middle East has grown significantly, rising from 20% in Q1 2022 to nearly 40% by the end of Q4 2024. However, analysts have expressed concerns about the company's heavy reliance on the Middle East due to geopolitical instability and the impact of commodity price fluctuations on fixed-rate projects.
The company is scheduled to hold a board meeting on July 24 to discuss its April-June quarter results, according to a filing with the BSE.
(Source: Mint & Moneycontrol)
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