April 27, 2024
Industrials
Samsung Engineering wins US$690m order from Saudi Arabia
[THE INVESTOR] Samsung Engineering said on Dec. 28 that it has secured a US$690 million deal to build a chemical plant in Saudi Arabia.
Under the deal with Jubail United Petrochemical Company, Samsung Engineering will build a plant that is capable of producing 700,000 tons of monoethylene glycol per year. Monoethylene glycol is a key raw material in making antifreeze, coolants and solvents.
Samsung Engineering said the construction is scheduled to be completed by October 2020.
Under the deal, the company said it will get US$389 million worth of work with Samsung Saudi Arabia receiving the rest.
By Alex Lee and newswires (alexlee@heraldcorp.com)
