November 22, 2024

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[THE INVESTOR] Samsung Engineering said on Aug. 7 that it has won a US$2 billion refinery project in Oman via its 50:50 joint venture with UK oilfield service company Petrofac.

The Korean builder alone will be in charge of the project's engineering, procurement, and construction worth US$1 billion. 

Samsung and Petrofac have partnered to seek business synergies while reducing risks. They also teamed up for Kuwait National Petroleum Company’s clean fuel project in Kuwait.

Oman’s Dugm Refinery, part of Duqm Special Economic Zone, consists of three projects for its planned 230,000 barrels-a-day refiner. The Samsung JV won the second package to build utility facilities, a tank that stores crude oil before and after refining and a sewage treatment facility. The project is expected to be completed by 2021.

With the latest order, Samsung is entering the Omani market for the first time. Dugm Refinery is a JV between Oman Oil Company and Kuwait Petroleum International.

By Alex Lee (alexlee@heraldcorp.com)