Samsung Awarded $1.5 bn Gas Development Contract

Source: www.gulfoilandgas.com 4/30/2010, Location: Middle East

SECL announced on April 29 that it received a $1.5 billion USD Shah gas contract (package #4) from Abu Dhabi Gas Development Co. Ltd., a subsidiary of Abu Dhabi National Oil Company (ADNOC).

Samsung Engineering will head all engineering, procurement, construction and pre-commissioning on a lump-sum-turn key basis to build an offsite and utilities facility for the 1 billion cubic feet per day gas development complex. The facility is in the Shah region, 180 km southwest of Abu Dhabi and is set for mechanical completion on August 2013.

Samsung Engineering was also selected as interface manager and coordinator of the $10 billion USD gas development project from ADNOC. “Selecting Samsung Engineering for this role speaks for itself. It truly demonstrates the confidence and expectations our client has for our project management skills," noted a spokesperson for Samsung Engineering.

“We have won three plant contracts, totaling $5.4 billion USD, from ADNOC in the last six months thanks to our distinguished project execution capabilities,” said CEO of Samsung Engineering Ki-Seok Park. “Through this new project and other ongoing ADNOC projects, we will continue to prove our capabilities to our trusted partner."

ADNOC is comprised of 15 companies that cover the entire hydrocarbon business value chain, from exploration & production, refinery, and gas to petrochemical. ADNOC is a national oil company of the UAE, with several billion dollars in new investment plans each year. Samsung Engineering's relationship with ADNOC began with the Borouge OCU plant project in 2007, and has succeeded in receiving additional project contracts such as the Fertil fertilizer plant contract ($1.2bn USD) in October 2009 and Takreer refinery plant contract ($2.7bn USD) in November the same year. This achievement is due to the firm’s trusted relations with ADNOC and its successful project track record.

Based on 1Q 2010 financial results, Samsung Engineering reached over 100 billion KRW in operating profit and 10% in operating margin, achieving both quantitative growth and qualitativebusiness results. The company also has made rapid progress in diversifying into industries outside of hydrocarbon, such as the Bahrain steel mill contract awarded by Foulath in March this year.


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