Samsung E&A lands $6bn EPC contracts for Aramco gas plant
DHAHRAN (Saudi Arabia), 27 days ago
Samsung E&A, a world leading engineering solutions and project management company, has announced that it has secured contracts worth $6 billion from Saudi oil giant Aramco for its Fadhili Gas Increment Program.
The programme's objective is to expand the capacity of the existing Fadhili Gas Plant located 350km northeast of Riyadh, the capital of Saudi Arabia.
As per the deal, Samsung E&A will execute package 1 Gas Treatment Unit as well as package 4 Utilities and Offsites. Once the project is completed, the daily gas throughput will increase from the existing 2.5 billion cu ft to 3.8 billion cu ft.
Samsung E&A said it will independently carry out the entire engineering, procurement and construction process.
The signing ceremony in Dhahran was attended by Wail Al Jaafari, Aramco EVP of Technical Services, Yahya A. Abushal, Aramco SVP of Upstream and Downstream Project Management and other senior management as well as Hong Namkoong, President and CEO of Samsung E&A.
Samsung E&A won this project following the Jafurah Gas Treatment Project received in 2021, and therefore performs Saudi Arabia's most representative gas projects one after the other.
Saudi Arabia announced their Vision 2030 to raise gas production and distribution capacity in order to reduce dependence on oil and respond to electricity demand due to industrial growth and population growth.
The kingdom plans to continue investing in the building of gas plants, and Samsung E&A will actively participate and continue to receive linked contracts related.
On the big contract win, Hong Namkoong, President and CEO of Samsung E&A, said: "We are confident to deliver a steady performance on the Fadhili Gas Increment Program with our extensive experience in Saudi Arabia. We will further gain the trust of clients with our differentiated technology and quality, and further strengthen our position in the Middle East market."
Wail Al Jaafari, Aramco Executive Vice President of Technical Services, said: "The award of these contracts reflects Aramco’s goal to increase supplies of natural gas, help efforts to reduce greenhouse gas emissions, and free up more crude oil for value-added refining and export."
"Together with leading international companies, we are advancing our goal to increase gas production. The expansion also supports our ambitions to develop a lower-carbon hydrogen business, while associated liquids from gas are an important feedstock for the petrochemical industry," he stated.
Drawing on the unique heritage the company has built over 54 years, Samsung E&A moves towards becoming a century-long company.
"It embodies our vision and new identity for long-term success, as well as our values and commitment to future business expansion and innovation in business operations," remarked Namkoong.
"The ‘E’ stands for ‘Engineers,’ and it represents our strong asset in engineering technology but also our employees, the ‘enablers’ of our business, who will expand our future business value chain to the energy and environmental sectors and create a sustainable Earth and ecological future with a focus on innovation," he noted.
"The ‘A’ signifies ‘Ahead,’ embodying the values and determination as a first mover in the history of the Korean engineering industry, consistently at the forefront of change, and pioneering the future with a differentiated innovative execution," he added.-TradeArabia News Service
