ABB Awarded Large Natural Gas Transmission Contract
ABB Ltd. ABB recently bagged a large contract from Trans-Anatolian Natural Gas Pipeline (‘TANAP’) for offering software solutions to facilitate the smooth operation of the pipeline throughout the lifetime. ABB has accounted the contract in its fourth-quarter bookings. Notably, TANAP is a special-purpose company, having SOCAR of Azerbaijan, BOTAS of Turkey and BP as stakeholders.
Through this order, ABB will aid in bringing natural gas of Azerbaijan directly to Europe. In particular, the company will offer several services comprising telecommunications, pipeline monitoring and control system for even transmission of data across the pipelines. For this, the company will use its avant-garde 800xA process automation system.
The TANAP pipeline, which is worth $11 billion and spans 1,850 km, will assist the flow of gas to Europe via becoming the central section of the Southern Gas Corridor that is part of the future strategic energy infrastructure of Europe.
We are encouraged with this contract win of ABB and underline its proficiency in providing services in this domain. Also, we believe the above-mentioned deal is at par with ABB’s Next Level Strategy. Given the current industry trends, the company expects to gain from high investments in power and gas transmission projects in mature and emerging markets. We expect ABB to continue winning such lucrative awards in the future, thereby ensuring long-term growth.
ABB currently has a Zacks Rank #3 (Hold). Better-ranked stocks in the industry include Dycom Industries Inc. DY, Jiangsu Expressway Co. Ltd. JEXYY and Zhejiang Expressway Co. Ltd. ZHEXY. While Dycom Industries sports a Zacks Rank #1 (Strong Buy), Jiangsu Expressway and Zhejiang Expressway carry a Zacks Rank #2 (Buy).
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