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South Korean firm wins oil plant deal in the UAE

Industry

South Korea’s GS E&C and partner Dodsal Group have won a US$1.44bn crude oil processing plant deal in the UAE

The company said that GS E&C will build most of the facilities related to crude oil processing for the third phase of Rumaitha-Shanayel oilfield expansion project. Dodsal Group will help design and construct the oil and gas pipelines and support facilities.

The South Korean builder’s share of the project, ordered by Abu Dhabi Company for Onshore Oil Operations (ADCO), is US$730mn.

Work on the new facilities, located around 50km southwest of Abu Dhabi, is expected to be completed by November 2016.

GS E&C holds a 51 per cent stake in the consortium, with Dodsal Group controlling the remaining 49 per cent.

Currently, the first and second phases of the expansion project have been completed with production standing at 46,000 bpd. Once the third phase is completed, output will rise to 85,000 bpd, the South Korean builder added.

According to company sources, the latest deal pushes up the overseas construction order secured by GS E&C to US$5.47bn for 2014.

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