Saudi-listed Gas Arabian Services Company (GAS) has signed two engineering, procurement and construction (EPC) contracts worth 598.01 million Saudi riyals ($159.46 million) with state-owned Saudi Power Procurement Company (SPPC) for gas pipelines.

The first EPC contract for the Qassim pipeline is valued at SAR341.90 million, while the Taibah pipeline contract is worth SAR256.10 million, the company said in separate statements to the Saudi stock exchange on Sunday.

The duration for each contract is 22 months.

Last month, GAS received two non-binding letters of intent (LoIs) from Saudi Aramco for EPC contracts at a combined value of SAR760.86 million.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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