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The Korea Herald
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THE INVESTOR
March 29, 2024

Industrials

Samsung Engineering wins US$3.5b contracts in UAE

  • PUBLISHED :March 27, 2018 - 10:33
  • UPDATED :March 27, 2018 - 10:33
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[THE INVESTOR] Samsung Engineering has won contracts worth US$3.5 billion from the state-owned oil company of the United Arab Emirates to process crude oil and build power generation facilities, the government here said on March 27.

The Samsung affiliate signed two contracts with the Abu Dhabi National Oil Company’s refining subsidiary during President Moon Jae-in‘s visit to the Middle Eastern nation to step up closer bilateral economic ties, the Ministry of Trade, Industry and Energy said.

The first contract worth US$3.1 billion will allow the Ruwais refining plant to process a wider variety of crude oils with increased efficiency. Once completed by the end of 2022, the largest oil refinery in the UAE will be able to process up to 420,000 barrels of crude per day.

The second project worth US$473 million aims to recover power and water at the Ruwais oil refinery. It will generate an additional 230 megawatts of electricity and 62,400 cubic meters of fresh water daily by capturing waste heat and upgrading gas turbines, the ministry said.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)

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