Islamabad, Oct 8: SNGPL Pipeline Contract: Rs. 2.74 Billion Awarded to Crescent Steel
SNGPL Gas Company Limited (PSX: SNGP) has granted a contract to Crescent Steel and Allied Products Limited (PSX: CSAP) for the provision of bare steel line pipes with diameters of 12 and 18 inches, totaling Rs. 2,740 million.
This contract is anticipated to be completed by the third quarter of the fiscal year 2024-25, as stated in a stock filing by CSAP.
CSAP is involved in five sectors: Steel, Cotton, Investment and Infrastructure Development (IID), Energy, and Hadeed (Billet). At the time of the filing, CSAP’s stock was trading at Rs. 97, representing an increase of 5.77%, or Rs. 5.29, with a trading volume of 2.4 million shares on Tuesday.
The award of this Rs. 2.74 billion contract is expected to create numerous job opportunities, contributing positively to the local economy. With Crescent Steel’s proven track record in similar projects, stakeholders are optimistic about the timely completion and quality of work.
Furthermore, this contract aligns with the government’s ongoing efforts to enhance energy security in Pakistan. By investing in infrastructure projects like this, SNGPL is reinforcing its commitment to providing reliable gas services while ensuring that the needs of the population are met.
