Samsung Engineering JV wins $3.1bn UAE refinery project
Samsung Engineering said its joint venture with CB&I Nederland, a global player in the technology and infrastructure services sector, has been awarded a major contract by Abu Dhabi National Oil Company (ADNOC) to build a crude flexibility project for its refining unit in the UAE capital.
Samsung Engineering said at a value of $3.1bn, it is the ninth award in total the company has received from Adnoc, the national oil company of UAE and the parent company of Adnoc Refining.
As per the deal, the Samsung Engineering JV will construct a new Atmospheric Residue De-Sulfurization (ARDS) facility, with an annual capacity of 177,000 barrels per day. The Korean company’s share in the contract is $2.6bn, according to a statement from the company.
Work will soon start on the project, which will come up at the Ruwais Industrial Complex (the largest industrial complex in the UAE). It is due for hand over by the end of 2022.
Samsung Engineering has previously delivered six projects in the Ruwais complex, two of which are directly linked to CFP, said a top company official.
Sungan Choi, president and CEO of Samsung Engineering, said: “Therefore, not only is it possible to fully utilise the existing experienced manpower, equipment, facilities and partner network, but also build on our strong relationship with Adnoc Refining. We were able to win this project based on our track record of delivering safely and on schedule. We will do everything in our power to successfully execute CFP by utilising our global experience in the refining sector.”