November 22, 2024

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[THE INVESTOR] Samsung Engineering announced on Aug. 16 that it has won two projects worth 550 billion won (US$482.16 million) from subsidiaries of PTT Public Company, a Thailand state-owned energy company.

Samsung affiliate will build plants that produce petrochemical products and generates electric power. They will be located in Rayong, 150 kilometers southeast of Bangkok, and are aiming for completion by 2020 and 2019, respectively. 

The Korean builder will be responsible for the entire process, including engineering, procurement, construction and commissioning of the plants based on a turnkey contract.

“Samsung Engineering will do our utmost efforts to deliver top class plants for Thailand,” said Park Choong-heum, President and CEO of Samsung Engineering.

Including the latest deal, Samsung Engineering and PPT have signed 19 contracts, worth 3 trillion won in total, since they became business partners in 1991. PPT was established in 1978 and is one of the largest state-owned energy corporations in Thailand with over 40 subsidiaries.

Besides Thailand, the Korean firm said on Aug. 7 that it had won a refinery project in Oman worth US$2 billion as a joint venture with UK oilfield service company Petrofac.

By Song Seung-hyun (ssh@heraldcorp.com)