Samsung clinches $1.7bn UAE petchem contracts
Abu Dhabi, May 29, 2010
Korea's largest engineering company Samsung Engineering and its JV partner Maire Tecnimont of Italy won two contracts worth $1.7 billion from Abu Dhabi Polymers Company (Borouge) to build petrochemical plants in the emirate.
Samsung said as per the contract, the duo will build a $1.25 billion polyolefin plant and a $400 million low density polyethylene (LDPE) plant for Borouge, a joint venture between Abu Dhabi National Oil Company (Adnoc) and Austria's Borealis.
Tecnimont, a reputable global player in the EPC industry, was a contractor for the Borouge 2 project and headed Feed for Borouge 3, said a top Samsung official.
Samsung Engineering said in the past 7 months alone, it has obtained $7.1 billion in contracts from Adnoc, demonstrating the trust and partnership between the client and contractor through these repeat orders.
'Samsung Engineering's strength is that the first project with a client usually means many future projects,' remarked Park Ki-Seok, the company's president and CEO.
Samsung Engineering-Tecnimont will head 2 out of 3 packages of the Borouge 3 expansion project for the UAE's Ruwais refinery complex. The expansion project includes the world's largest polyolefin plant, which will produce 900,000 tons of polypropylene and 108,000 tons of polyethylene.
The second package consists of a plant that will produce 350,000 tons of LDPE. This lump-sum-turn key project includes design, engineering, procurement, construction and commissioning, and is set for mechanical completion in September of 2013.-TradeArabia News Service