$2.76bn Aramco deal for Samsung Engineering
Samsung inks deal with Aramco for Saudi Arabia mega project
Samsung Engineering has signed a $2.76 billion deal to build Saudi Aramco’s natural gas liquids project in Shaybah oilfield, industry sources said on Monday.
Aramco awarded four construction packages to South Korea’s Samsung Engineering last week, and while the company didn’t reveal the value of the deals, industry sources estimate the cost of the project to range from between $5 and $6 billion.
The project will see Samsung Engineering build the project’s inlet and gas treatment facility, NGL recovery and utility facilities, a cogeneration plant and to upgrade gas handling facilities from existing Shaybah gas oil separation plants.
It’s also planned to process 2.4 billion cubic feet of low sulphur sweet gas per day from Saudi’s south eastern Shaybah oilfield, one of two new Aramco projects designed to meet rising demand for the country.
The project is planned for completion in 2014.