South Korea’s GS Engineering & Construction Corp. (GS E&C) secured a deal worth $865 million to refurbish an oil refinery in the United Arab Emirates that had been damaged by fire early this year.
GS E&C said on Friday that The Abu Dhabi Oil Refining Company (Takreer) placed an $865 million order with the company to renew Ruwais refinery whose key facilities were destroyed by fire. Upon signing of contract, payment would be covered by the insurance company.
The full repair would likely take 18 months.
GS E&C originally designed and built the Ruwais crude oil processing plant located 240 kilometers west of UAE’s capital Abu Dhabi upon winning the order in 2009. The construction was completed in November last year. Unaccounted fire ruined key facilities in January.
By Kim In-oh
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