Samsung Engineering Awarded 314 million USD Bahrain oil refinery order

Source: www.gulfoilandgas.com 8/20/2008, Location: Middle East

Samsung Engineering awarded a 314 million USD oil refinery order from Bahrain's National oil company, Bapco (The Bahrain Petroleum Company), Nogaholding and Finland's Neste Oil Oyj joint venture under the name Bahrain Base Oil Company.

The lube base oil plant will be built on Persia's coast in the Sitrah, Bahrain region where an essential oil shipping port is located. Upon completion of the oil refinery, it will produce 400 thousand tons of lube base oil annually. Samsung Engineering's EPC (Engineering, procurement, construction) lump-sum key project order is currently scheduled to be completed by April of 2011.

At the official contract signing ceremony, Samsung Engineering CEO Yeon-Joo Jung stated, "This new project order marks the first Korean plant company ever to penetrate into the Bahrain market. Samsung Engineering will successfully complete this project with a combination of project know-how accumulated in Saudi Arabia and our capabilities. We are confident of our success in this new market and client, and I have no doubt we can continue this business relationship into a long term partnership."

Samsung Engineering achieved this order, overtaking key competitors such as Japan's JGC Corporation and Spain's TR (Technicas Reunidas) despite the fact that it was the company's first bid in the Bahrain market. The result of the Bahrain Bapco tender is evidence that Samsung Engineering has built a positive reputation as a superior engineering company through the company's performance in the Middle East.

With the addition of the new project order, currently Samsung Engineering has obtained a total of 2.8 billion USD in project orders, largely due to the Hydrocarbon plant division. Thus, the 2008 goal of obtaining 6 billion USD in project orders is considered within reach for Samsung Engineering.


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