Hyundai E&C to Build Offshore Plant in UAE for $1.9 Bln
- Business & Finance
Hyundai E&C sets to expand its portfolio into the construction of offshore plants, a field in which global leading construction companies run into stiff competition over state-of-the-art technologies.
Korea’s primary builder received a deal valued at about 1.8944 billion dollars, or approximately 2.1119 trillion won, from Abu Dhabi Marine Operating Company (Adma-Opco) to undertake “SARB-4,” an offshore crude oil and gas processing project, and signed the contract in United Arab Emirates on April 1. Officials including Adma-Opco CEO Ali Rashid Al Jarwan and Hyundai E&C CEO Jung Soo-hyun attended the signing ceremony to wish the successful construction of the large-scale offshore oil processing facilities.
The SARB (Satah Al- Razboot) offshore crude oil and gas processing project involves the construction of facilities to transfer oil drilled on 86 wells of the Satah Al-Razboot offshore oil field, 120 kilometers northwest of Abu Dhabi. Facilities related to collection and transport will be constructed on two artificial islands. In addition, Hyundai E&C will build a facility in Zirku Island to separate gas from crude oil collected in the SARB and Umm AlLulu oil fields. The oil and gas processing facility to be constructed in Zirku Island has a daily capacity of 200,000 barrels of oil, equivalent to 160,000 200-liter drums, and 35 million cubic feet of gas, the amount on which about 6,600 gas buses can run.