SK Engineering & Construction, an affiliate of the country’s top refiner SK Innovation, said on Feb. 28 that it has won a US$1.2 billion deal to build an oil storage facility in the United Arab Emirates.
The firm said it has already started building an underground oil storage bunker in the mountains in Fujairah to house up to 4.2 million barrels of oil.
Under the deal with Abu Dhabi National Oil Company, SK Engineering will complete the construction of the facility by 2022.
ADNOC is the 12th largest oil producer in the world.
By Ram Garikipati and newswires (email@example.com)