Abu Dhabi National Oil Company’s (Adnoc) wholly-owned subsidiary Adnoc Refining has awarded two engineering, procurement and construction (EPC) contracts to South Korea’s Samsung Engineering, totalling more than $3.5bn.
The first contract is worth $3.1bn and is expected to improve flexibility in crude oil processing at the Adnoc-owned Ruwais oil refinery in the UAE.
To be completed by the end of 2022, the project is also anticipated to allow Adnoc’s Ruwais Refinery-West complex to process up to 420,000 barrels of oil equivalent per day (bpd) of crude from the offshore Upper Zakum concession.
Adnoc intends to free up Murban crude for export sales in a bid to enhance the value of its crude resources.
Adnoc group CEO Dr Sultan Ahmed Al Jaber said: “Adnoc has a long and successful history of working with Korean companies as partners in our concession areas, as contractors for our major projects, and as a customer of our crude oil and refined products.
“As Adnoc continues to deliver on its 2030 smart growth strategy, a number of new and exciting opportunities exist across our value chain, particularly in the downstream, which offer the potential to deepen and develop the longstanding relationship between Adnoc and its Korean counterparts.”
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By GlobalDataThe second contract is valued at $473m and involves the recovery of power and water as part of a new waste heat recovery project.
Set to be completed by the end of 2023, the project aims to generate 230MW of electricity and 62,400m³ water per day by capturing waste heat.
The project will see the use of closed-cycle power generation technology to upgrade four giant gas turbines and assist the company in reducing the environmental impact of its refining and power operations.
