Saturday, 20 February 2016

A brief look at the prospects of EPC contracting

EPC contracting is a very well known practice within the construction industry. EPC denotes Engineering, Procurement and Construction and the task of an EPC contractor is to design a facility that is to be made, arrange for all the necessary materials and then construct the project in question on behalf of an owner or investor in exchange of a predetermined price that stays fixed even though the expenditure may rise in the future.

There are numerous benefits associated with EPC contracting, such as reduced stress, cost certainty, easy and simplified communications, assurance against price hike as well as time and quality assurance. It is for such factors that EPC contracting is becoming more and more popular in different parts of the world.

The widespread demand for EPC contracting has also led to the increased EPC recruitment in different parts of the world. As a result, more human resource is now used in this sphere than ever before. In various countries of the world, large scale infrastructural development projects are now being undertaken with the goal to meet the rising production needs of the day as well as for using various unused natural resources such as oil, natural gas, minerals and ores. This is particularly happening in the Middle East countries where initiatives are being taken to deal with the rise in population and demand for employment. A Saudi Arabian or Iraqi contractor dealing in the EPC industry is therefore in great demand in these areas.

The EPC contractors in this region are currently working with various investors and owners who are undertaking large scale construction projects in these areas. To offer better services to their clients, these contractors work hard to ensure that all projects are completed within the pre-agreed time and budget and that the projects meet the requisite quality parameters.