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Samsung Engineering wins a 2.6 bn USD order   

2009-07-23 06:06:20|  分类: 行业新闻 |  标签: |举报 |字号 订阅

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Samsung Engineering wins a 2.6 bn USD order from Algeria---the largest plant order achieved by a Korean contractor.

Samsung Engineering  stated that on July 4th, a contract signing ceremony was held with Algeria's National Oil Company Sonatrach to seal a 2.6bn USD contract (incl. VAT) for the modernization of its oil refinery, located in the Skikda region.

From the crude distillation unit to the aromatic facilities, the contract covers most of the refinery complex. Through its rehabilitation and modernization, the largest refinery plant in
Algeria will have its refining capacity increased up to 330,000 BPSD. In addition, the contract includes new plants for the production of Isomerate (700,000 MTPA), Para-Xylene (220,000 MTPA) and Benzene (200,000 MTPA).

Within a 36-month construction period in total, Samsung Engineering will perform engineering, procurement and construction services on a lump-sum turn key contract basis, with bulk materials and construction costs to be settled on a reimbursable contract basis. 

“This order is a very significant in that it establishes a strong foundation with
Algeria's National Oil Company Sonatrach and the African market." “With our extensive project capability close to reaching 10 bn USD per year, we will be able to increase our revenue by 30% annually," stated the CEO.

Algeria has the 14th largest crude oil reserves and 8th largest gas reserves in the world and is considered an emerging market in the development of resources and infrastructure-related industries. Specifically, Sonatrach is on track for large-scale investments in oil, gas and energy projects which has resulted in world-wide attention by global EPC companies. 

Samsung Engineering plans to achieve this year's target of 7 trillion KRW in new orders and 4 trillion KRW in revenue and strengthen its marketing capabilities.

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