March 03, 2010 10:13
Korean firms won record deals for a US$10 billion project to expand oil refinery facilities in the United Arab Emirates.
GS Engineering and Construction on Monday signed contracts worth $3.6 billion with Takreer, a subsidiary of the Abu Dhabi National Oil Company, it said Tuesday. The work is part a seven-package refinery project in Ruwais, some 250 km west of Abu Dhabi.
GS E&C will work on packages II and VII. The former involves building a residue fluid catalytic cracking plant which transforms crude oil into fuel. Worth $3.11 billion, it is the largest overseas plant order ever won by a single Korean builder. Package VII, worth $520 million, involves constructing port facilities for exporting and importing crude oil and petroleum products from the refinery complex.
"We have landed a series of mega-project orders in the Middle East, which will help us to obtain deals in further projects in Abu Dhabi," GS E&C said.
Samsung Engineering signed a $2.73 billion deal for package III work while Daewoo Engineering and Construction landed a $1.17 billion contract for package IV work to build a 76-tank storage facility. SK Engineering and Construction also clinched a $2.12 billion deal for package I work to build a crude distillation unit and facilities nearby. In total, Korean firms won a combined $9.65 billion in deals of the project.
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