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Contracts of 9.6 Billion Dollar Finalized

Abu Dhabi : 03 March 2010

To increase its oil distillation capacity by 2013, The Abu Dhabi Oil Refining Company (Takreer) signed agreements worth 9.6 billion US Dollars with 4 South Korean companies.

Currently Takreer distils 490,000 barrels daily at its two plants in Ruwais and Abu Dhabi.

Details of contracts are as under:

  1. Samsung Engineering Company. Limited: Utilities and offsite.
  2. GS Engineering and Construction Corporation: The residual fluid catalytic cracking units and related refining projects as well as maritime facilities.
  3. SK Engineering and Construction Company: Crude oil refining and related downstream units.
  4. Daewoo Engineering and Construction Company Limited: Tankerage and related interconnecting pipes.

The contracts are for works pertaining to engineering, procurement, construction and commissioning (EPC) for 5 to enhance Takreer’s existing distillation capacity by 417,000 barrels per day and double its manufacturing capacity of transportation fuels.

Commenting on contracts, Associate Professor of Petroleum Markets Behaviour and Economics, Dalton Garis said that the strategy to increase its distilling capacity is in sequence with Abu Dhabi’s attempt to sell intermediate and finished products to the rest of world.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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