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Samsung Engineering expands business in the Kingdom through first award from Saudi Aramco

Source: www.gulfoilandgas.com 12/4/2007, Location: Middle East

Samsung Engineering announced that it had secured a major order from Saudi Aramco, the state-operated petroleum company of Saudi Arabia to build a DHDT Refinery Plant. The refinery plant is to be located at Ras Tanura, a region approximately 70km southeast of the Jubail Industrial Complex, situated east of Saudi Arabia. Under the contract, Samsung Engineering will build a facility capable of processing 100 thousand Barrels of diesel daily, by June 2010. The company will provide a complete range of engineering services from design, procurement, and construction to commissioning, on a turnkey basis.

After having signed the contract at Saudi Aramco’s head office in Saudi Arabia, the executive vice president Mr. Park Ki-seok of Samsung Engineering, pointed out that “for the first time in Korea’s plant business, Samsung Engineering has won an independent turnkey refinery project from Saudi Aramco.” He added that “this will work as a foundation for Samsung’s serious entry into the Kingdom’s oil and gas industry, a step forward from its dominance in the Middle East petrochemical industry.”

Samsung Engineering is currently executing eight projects in Saudi Arabia worth a total of 4 billion USD. The executive director asserted that “the project will be completed with success based on ample local project execution footing and know-how of sub-contractors, manpower, facilities and more.” He also stated that “with this award providing momentum, Samsung will expand its involvement in Saudi Aramco’s large-scale refinery projects including the Jubail Export Refinery and the Yanbu’ Export Refinery, scheduled for order release in 2008. The company will form a well-balanced portfolio comprised of petrochemical, oil and gas businesses to ensure sustainable steady growth.”

This accomplishment was possible due to Samsung’s past efforts to strategically diversify its business, and build trust and reputation in the Middle East petrochemical market. Saudi Aramco is known to have a high entry barrier, and is reputable as a major client in the global petroleum industry. In preparation of entry into Saudi Aramco’s market, Samsung pushed forward an omni-directional marketing scheme, including the creation of a special task force group, dispatching delegation teams for local research, presenting project explanation briefings, forming advanced specification study groups, and conducting project execution simulations.

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