Samsung Engineering signs a contract for gas storage project with Saudi Aramco
Samsung Engineering signs a contract for gas storage project with Saudi Aramco
  • Lee Jun-sung
  • 승인 2020.01.29 12:32
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Samsung Engineering / courtesy of Samsung Engineering

Samsung Engineering has won a total of 4 trillion won worth of projects in Saudi Arabia and Algeria in January alone.

Samsung Engineering said on Jan. 28 that it signed a main contract with Saudi Arabia's state-run oil company Aramco on Jan. 23 for a $1.85 billion (2.1 trillion won) Hawiyah Unayzah gas reservoir storage project.

In November last year, Samsung Engineering received a letter of intent for the project and signed a contract for initial business.

The project calls for the construction of 1.5 billion cubic feet of gas per day and 2 billion cubic feet of gas re-production facilities per day in the Hawiyah gas field, 260 kilometers east of Riyadh, Saudi Arabia's capital.

Samsung Engineering plans to complete the construction in 2023 by carrying out the entire engineering, procurement and construction (EPC) process.

Earlier, Samsung Engineering won an order jointly with Spain’s "Técnicas Reunidas" to build an oil refinery plant in Hassi Messaoud from Sonatrach, Algeria’s largest state-run oil company. Of the total contract amount, Samsung Engineering's share is 1.9 trillion won.

The location of the Saudi Arabia Hawiyah Unayzah gas reservoir storage project 

With this, Samsung Engineering won a combined 4 trillion won worth of orders from abroad this month alone. In other words, the company secured more than two-thirds of its annual sales (5.5 trillion won) in 2018.
Samsung Engineering is continuing its strong performance thanks to strong orders. It posted a cumulative operating profit of 318.8 billion won through the third quarter of last year, exceeding its annual target of 300 billion won.

"Based on our accumulated experience and differentiated technology, we are continuing our winning of orders from the beginning of this year," a Samsung Engineering official said. "We are planning to strengthen our internal integrity and maintain a stable business structure through thorough business management centered on quality orders and profitability this year."

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