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Korea Eximbank contributes $1 bn for Samsung Engineering’s Qatar project

Collected: 2023.09.27

Distributed: 2023.09.28

Source: Go Direct

[Courtesy of Korea Eximbank]

The Export-Import Bank of Korea announced on Tuesday that it will provide project financing totaling $1 billion towards Samsung Engineering Co.’s construction of ethylene cracker facilities in Qatar.

The Qatar ethylene facilities project, valued at $7.3 billion, is the largest petrochemical project in history under Qatar’s state-owned company, Qatar Energy. Samsung Engineering, in a consortium with Taiwan’s CTCI Corp., was awarded the ethylene production facility package for $2.5 billion in January 2023, with Samsung Engineering’s share totaling $1.3 billion.

Korea Eximbank expressed its intention to provide financial support to Samsung Engineering as early as the bidding stage. Some observers believe that the favorable relationship between the bank and Qatar Energy, built up over time, was one of the driving forces behind the bank’s support for the bid.

By Han Woo-ram and Chang Iou-chung

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