UAE's ADNOC awards $3.5 bln contracts to Samsung Engineering (updated)

Samsung E&A Co

26/03/2018 12:06

(Adds details)
    March 26 (Reuters) - Abu Dhabi National Oil Co (ADNOC) said
on Monday it had awarded two contracts to South Korea's Samsung
Engineering  028050.KS  worth more than $3.5 billion.
    The contracts were signed by ADNOC Refining, a wholly owned
subsidiary of ADNOC, and Samsung Engineering.
    The first engineering, procurement and construction (EPC)
contract was awarded for a $3.1 billion project on flexibility
in crude oil processing, ADNOC said in a statement. 
    The crude flexibility project is scheduled to be completed
by the end of 2022. It will enable the Ruwais Refinery-West
plant to process up to 420,000 barrels per day of Upper Zakum
crude, or similar oil grades, freeing up more exports of ADNOC's
Murban crude, which is sold at a premium.  urn:newsml:reuters.com:*:nL8N1PX4U8
    The second EPC contract is for a $473 million project to
recover power and water, also at the Ruwais oil refinery. 
    This project is scheduled to be completed by the end of
2023. It will generate an additional 230 megawatts of
electricity for sale and 62,400 cubic metres of water daily by
capturing waste heat and upgrading four gas turbines with
closed-cycle power generation technology. 

 (Reporting by Rania El Gamal; Editing by Dale Hudson and Louise
Heavens)
 ((rania.elgamal@thomsonreuters.com; +971 562 160 434; Reuters
Messaging: rania.elgamal.reuters.com@reuters.net ; Twitter: https://twitter.com/Rania_ElGamal))