EIL in talks with Saudi Arabia, UAE for oil projects

Engineering India Limited (EIL) is negotiating with Saudi Arabia and the United Arab Emirates for oil infrastructure projects designed to bypass the Strait of Hormuz. These talks come as the company sees a slowdown in order inflows from the Gulf region following recent conflicts, but expects improvement in the coming quarters.

EIL officials said there has been a slowdown in orders from the Gulf region as those countries focus on securing and restoring their installations. Despite this, the company remains optimistic about future prospects. "There has been a slowdown in order inflows from the region in the aftermath of the conflict but we hope to see the order inflow pick up in Q3 and Q4," a company representative said.

The conflict has also opened new opportunities for EIL. "Definitely, the conflict has opened more opportunities for us," the official added. The projects under discussion aim to develop oil infrastructure that bypasses the Strait of Hormuz, a strategic chokepoint in global oil transportation.

Financial figures related to these projects vary, with amounts such as ₹4,929 crore, ₹7,978 crore, ₹15,109 crore, ₹17,000 crore, and ₹510 crore mentioned, though these figures have not been independently confirmed. Additionally, percentages like 43% and 62% appear in the data but lack further context.

EIL's annual general meeting highlighted these developments and the company's strategic focus on expanding its footprint in the Gulf region despite current challenges.