Daelim wins contract to upgrade Petron refinery in the Philippines

Daelim Industrial Co., Korea’s fifth-largest builder, announced that it had signed a US$2 billion contract with the Philippines’ largest refiner, Petron Corp. Under the agreement, Daelim will upgrade Petron’s crude refining plant in Limay, Bataan province, in early 2014. When fully operational, the plant will convert heavy distillates like bunker C and asphalt into cleaner gasoline, kerosene and diesel fuel. “The deal resulted from our successful execution of previous projects in Philippines and Saudi Arabia,” said Kim Yoon, chief of Daelim’s plant business unit. He added, “Based on our presence in the EPC field, we are planning to branch out into other high value-added sectors such as operation and maintenance.” EPC or Engineering, Procurement and Construction, is a form of construction contract which stipulates that the contractor designs, procures the raw materials and builds the facility. (November 30, 2011)