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Samsung Engineering-led consortium wins $3.1 bn order from U.A.E

Collected: 2018.02.08

Distributed: 2018.02.09

Source: Go Direct

Ruwais oil refinery [Photo provided by Samsung Engineering Co.]

Samsung Engineering Co.-led international consortium won $3.1 billion project from the United Arab Emirates’s state-owned Abu Dhabi National Oil Company to modify oil refinery and add atmospheric residue desulphurization unit.

Samsung Engineering received the final nod from Abu Dhabi National Oil Company for a crude flexibility project it bid in partnership with the Netherlands-based engineer Chicago Bridge & Iron Company (CB&I). The Korean company would earn $2.6 billion from the deal.

At 1:55 p.m. Thursday, shares of Samsung Engineering were down 1 percent at 14,850 won ($13.65).

The project will add a new atmospheric residue desulphurization unit with daily output of 177,000 barrels of oil and remodel existing oil refineries in the Ruwais Refinery-West complex, the U.A.E’s largest industrial park by 2020.

An atmospheric residue desulphurization unit is used in upgrading heavy petroleum oils and residues to more valuable clean environmentally friendly transportation fuels. Demand for such faculties been on a steady rise amid stricter environmental regulatory standards across the world.

By Yong Hwan-jin and Cho Jeehyun

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