Samsung Engineering Awarded Wasit Power Plant From Saudi Aramco
- Signed a 600 million USD Wasit Cogeneration power plant contract
- With recent Mexico's Norte Power plant award, Samsung is well received by overseas power plant market
On February 12th, 2011 Samsung Engineering was awarded a 600 million USD power plant from Saudi Aramco, the national oil company of Saudi Arabia. At the signing ceremony, Saudi Aramco's Executive Director of Project Management Majid Yousif Mugla and Samsung Engineering's Executive Vice President of Power Plant Project Management Division Kim Dong Woon, officially inked the contract in Dhahran at the Saudi Aramco office.
Due to the rapidly growing gas demand, Saudi Aramco is developing the largest gas plant in the kingdom through as part of its Wasit Gas Development Program. Out of four packages for the onshore portion of the Wasit gas project, Samsung Engineering was awarded a 600 million USD power plant (package number 2). The Wasit onshore and offshore project as a whole is valued at a total of 6 BN USD, with all four onshore packages being awarded to Korean companies.
The Cogeneration plant to be built in Al Jubail, will provide 750MV of electricity and high pressure steam at 550 tons per hour in the gas processing facility. Samsung Engineering will be the Engineering, Procurement, Construction and Commissioning contractor for this project on a lump-sum turn-key basis, with mechanical completion set for April 2014.
Currently, Samsung Engineering has several on-going projects with Saudi Aramco, which includes the SATORP Jubail Export Refinery aromatics and delayed coker and the DHT plant. In addition, in early June the company will officially open "Naffora Techno Valley" a new engineering and training center in Al Jubail. The center will serve as an initiative to upgrade regional safety standards, train and transfer project management and engineering knowledge to local talents.
"We are honored to be the contractor selected to deliver a world-class power project for Saudi Aramco. Our long-term partnership with Saudi Aramco and the Kingdom is also reflected by Naffora Techno Valley, which we hope will stimulate growth in the region," said Samsung Engineering President & CEO Park Ki-Seok.
Samsung Engineering has experienced success in diversification of its services, with the Steel plant award in Bahrain (March 2010), a power plant in Mexico (October 2010), and a recently signed a wastewater plant order in Bahrain (February 2011). Samsung Engineering aims to continue this growth in new services and regions, while maintaining an annual revenue growth of 30%.
SOURCE: Samsung Engineering