Indian multinational conglomerate Larsen & Toubro (L&T) has bagged a 'significant' contract to build "one of the world's largest oil and gas supply bases" in Saudi Arabia.

The project involves constructing industrial facilities of different sizes, an administration building, ancillary buildings, associated infrastructure and storage yards along with Civil, Structural, MEP and Architectural works.  The project is scheduled to be completed in 30 months.

Though the company did not give the value of the contract, its significant nature suggests it to be within the range of Rs 1,000 - Rs 2,500 crore.

"We thank our client, for reposing confidence in our capability to build a project of such size and scale," said M.V. Satish, Whole Time Director & Senior Executive Vice President (Buildings), L&T.

Elaborating on its significance, he added: "This project will act as a business incubator to support the oil and gas industry in the Kingdom and help accelerate industrial growth in the energy sector. It has strategic significance for L&T too, marking our future growth in such a potential-rich market like the Kingdom of Saudi Arabia." Larsen & Toubro is an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services with over $ 21 billion in revenue. It operates in over 30 countries worldwide.

Shares of Larsen & Toubro Limited on Thursday closed at Rs. 1,339.50, up by Rs.8 as compared to the previous closing of Rs 1,331.50 on the National Stock Exchange.

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