Abu Dhabi - Mubasher: ADNOC Refining, a subsidiary of Abu Dhabi National Oil Company (ADNOC), has signed AED 12.86 billion ($3.5 billion) contracts with South Korean Samsung Engineering Company.
The agreements were signed by ADNOC downstream director Abdulaziz Alhajri and CEO of Samsung Engineering Choi Sung-An on the sidelines of President of the Republic of Korea’s visit to the UAE, ADNOC said in a statement on Monday.
The first AED 11.39 billion ($3.1 billion) contract entails providing engineering, procurement, and construction (EPC) services for a crude oil processing flexibility project scheduled to be completed by the end of 2022.
The major project will allow ADNOC’s Ruwais Refinery-West complex to process up to 420,000 barrels per day (bpd) of Upper Zakum crude or similar crude types, enabling the UAE-based energy giant to liberate Murban crude.
“ADNOC has a long and successful history of working with Korean companies as partners in our concession areas, as contractors for our major projects, and as a customer of our crude oil and refined products,” ADNOC Group CEO Sultan Ahmed Al Jaber said.
Under the second AED 1.737 billion ($473 million) contract, Samsung Engineering will provide EPC services for a waste heat recovery project scheduled for completion by the end of 2023, ADNOC revealed.
The new project is planned to generate an additional 230 megawatts (MWs) of electricity for sale and 62,400 cubic metres of water per day by capturing waste heat.
“We offer congratulations on the signing between Samsung Engineering and ADNOC Refining. I hope that these contracts will not only enhance bilateral cooperation in the energy industry but will also contribute to identifying new joint projects,” Korean Republic’s trade minister Paik Ungyu commented.
