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Contractors look to the East for new opportunities

"Firms are viewing the hydrocarbons-rich Caspian region as an emerging market with potential

There is no doubt the past few months have been tough for regional engineering, procurement and construction (EPC) contractors. The fi rst six months of 2017 made up the weakest half in more than a decade for contract awards on new oil and gas projects in the Middle East and North Africa (Mena) region, according to regional projects tracker MEED Projects.

Just $10.9bn of EPC deals were let in the six months to June, compared with $21.3bn in the same period of 2016, as oil prices remained weak and project owners held back on spending. So it comes as no surprise that many firms are looking outside the region for new opportunities, and that the oil and gas-rich Caspian markets of Azerbaijan, Kazakhstan and Turkmenistan offer substantial prizes for those interested..."

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