Samsung Engineering announced on Monday that it clinched a formal contract for a project on building key facilities for an oil refinery in Oman worth one-point-one trillion won.
The move comes as the South Korean company and Britain’s PETROFAC secured last year a two-point-two trillion won contract for a 50/50 joint venture at the Duqm Refinery, located 550 kilometers south of Muscat.
The companies have received notification of intent to award the U&O (utilities and offsites) package, and expect to start work on the 47-month project subject to financial closure and full notice to proceed from Duqm Refinery and Petrochemical Industries LLC (DRPIC).
The Duqm refinery in Oman, part of Duqm special economic zone, is being developed over 2,000 acres and is expected to have a capacity of 230,000 bbl/d when completed.
Choong-Heum Park, president and CEO of Samsung Engineering said: “Samsung Engineering has already accomplished several large U&O projects. We will be able to successfully complete this project and further strengthen our market presence in the GCC, including Oman.”
The Gulf Cooperation Council (GCC) is a regional intergovernmental political and economic union consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.