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Monday, March 20, 2023

Samsung Engineering JV wins key Adnoc project work

Samsung Engineering JV wins key Adnoc project work

Samsung Engineering, a leading engineering, procurement, construction and project management company, said its joint venture with Technip Energies and Tecnimont has been awarded an early engineering and procurement works contract for an onshore facility of the Abu Dhabi National Oil Company (Adnoc) .

Announcing the contract win, Samsung Engineering said its joint venture, TST, had received a Letter of Acceptance (LoA) from Adnoc to provide pre-construction services for its Hail & Ghasha gas development project.

The $80 million contract will also see the Samsung joint venture prepare a public valuation for the entire project delivery scope, which will be considered as part of the client’s final investment decision process.

The awards come as Adnoc accelerates its gas expansion as part of its low-carbon growth strategy to continue meeting global energy needs responsibly.

Samsung Engineering’s regional presence through its global operations network and innovative solutions successfully implemented in Adnoc projects in the past proved key to the entrusted participation in this large-scale project, said a senior Samsung Engineering official.

“We are proud and honored to receive these early awards and to be involved in one of Adnoc’s flagship mega-projects,” said Hong Namkoong, its President and CEO.

“Based on our expertise in the UAE market, extensive expertise in gas development projects, and our unique project delivery solutions under the ‘Ahead’ execution model, we and our joint venture partners are confident in executing the project successfully and meeting the expectations of Adnoc and its international franchise partners,” he added.

The Korean group’s successful track record in the UAE includes 10 projects such as the Borouge-3, Fertil-2 ammonia and urea complex and most recently the Adnoc refining flexibility project.

Most notably, the company has executed a large gas project for Abu Dhabi oil company Shah Sour Gas Development, which has a production capacity similar to that of the Hail and Ghasha gas developments.

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