GS wins record US$3.1 billion plant order

Korea’s fourth-largest builder GS Engineering and Construction (GS E&C) announced it has won a US$3.1 billion order to expand its oil refinery facilities in the United Arab Emirates. GS E&C said the order from Takreer, a subsidiary of the Abu Dhabi National Oil Co., will allow it to proceed with plans to build a residue fluidized catalytic cracking (RFCC) unit, the company said in a news release. The project should be completed by January 2014. The builder is expecting the order to generate sales of 900 billion won (US$759.65 million) every year. Completion of the project will allow the plant to raise its refining capacity by 417,000 barrels a day. The order is the biggest-ever for plant construction won by a single Korean company. The company expects the order will give the company an edge in bidding for other oil and gas plant projects in the Middle East, said Chang Moo-ik, vice president of GS Engineering and Construction’s plant department. (November 6, 2009)