SRICHA Prepares for Strong Growth with Major Project Win: Thai Oil CFP Worth Approximately 7.8 Billion Baht, Immediate Revenue Recognition, Confident in High Growth
SRICHA is ready to return to its golden era after securing a large-scale project the Thai Oil Clean Fuel Project (CFP) worth approximately 7.8 billion baht. The company will commence work immediately and aims to complete it by the year 2026.Mr. Chatrmongkol Khemaphirat, Managing Director of SRICHA Construction Public Company Limited, a company specializing in metal construction contracting for large industrial plants, revealed that they have signed a construction contract for the Clean Fuel Project (CFP) with Thai Oil Public Company Limited. The company can start work in June 2025, with a project duration of approximately 19 months. SRICHA is very pleased and honored to take on this project and is confident that with its expertise and experience, it will complete the project within the timeline set by Thai Oil Public Company Limited. This large-scale project, valued at approximately 7.8 billion baht, allows for immediate revenue recognition, significantly boosting the company's income in 2025 and 2026. Additionally, the company has a backlog of other projects and plans to propose further projects in 2025, such as the ALUMINA project in Africa, valued at over 30 billion baht, and LNG projects in Papua New Guinea, Canada, and Mozambique, which are expected to commence around late 2026.
Previously, SRICHA had canceled the construction contract for this project with the Petrofac-Samsung-Saipem joint venture and has now signed a direct project contract with Thai Oil Public Company Limited, valued at approximately 7.8 billion baht. Furthermore, the company has opportunities for additional work from this project, which will help ensure that its revenue continues to grow positively.