26. Samsung Engineering
Samsung Engineering was one of the multiple Korean contractors to secure a share in the much sought after Clean Fuels Project in Kuwait. The company struck a $3.8bn joint venture deal, in which it holds a 43% stake, with UK’s Petrofac and CB&I’s Dutch subsidiary owing 47% and 10% respectively. Samsung will be responsible for the engineering, procurement, construction and pre-commissioning of the Mina Abdullah I refinery package, part of KNPC’s $12bn initiative to upgrade its refineries to produce cleaner and lower grade fuels for domestic consumption and export. At the end of 2015, Samsung built the utilities and offsites at the Ruwais expansion project, which added an extra 417,000 bpd of distillation capacity to Takreer’s complex, more than doubling the unit’s size.
27. SK E&C
SK Engineering & Construction (E&C) is part of the Hyundai-Saipem consortium, which in Q3 2015 signed a deal to build the marine export terminal in Al Zour, Kuwait. With total contract value of $1.5bn, this is a significant deal for the South Korean giant, which in 2015 bagged yet another contract on a top refinery upgrade project in the Gulf state. In a joint venture with GS E&C and JGC Corporation, SK E&C is currently working on the highly complex Clean Fuels Project commissioned by the Kuwait National Petroleum Company (KNPC) to produce high quality refined petroleum products for domestic consumption and export. With an estimated value of $12bn, the clean fuels project was designed to modernise Kuwait’s largest oil refineries — Mina Al Ahmadi and Mina Abdullah, which date back to the 1950s.
28. Target Engineering
Target Engineering has operations in the UAE, Qatar and Saudi Arabia. It is part of the Arabtec Holding, the largest UAE-based construction group. The company claims to be working on electrical and marine projects for regional NOCs, with the combined value of the contracts amounting to about $1bn. Target is working for a number of electrical projects for Saudi Aramco, including replacing the sales gas compressor motor at UGP and SGP, worth $18.91mn; replacing the 4.16kv motor control gear at Shedgum and Uthmaniyah, worth $16.79mn; and upgrading the gas compression plant for power distribution at Tanajib, worth $10.81mn. As for marine contracts for the oil and gas sector, Target Engineering is working on the Ruwais LNG Terminal Project, Project No. 5308, for ADNOC subsidiary GASCO and Excelerate LNG Development, worth $29.99mn.
29. Maire Tecnimont
Italian engineering and contracting firm Maire Tecnimont provides a range of engineering and construction services for the oil and gas, chemical and petrochemical, energy, infrastructure and civil engineering sectors. The firm is headquartered in Rome, but manages large turnkey engineering, procurement and construction projects worldwide. Among the several EPC contracts it has won and is working on in the Middle East, its contract award in Iran stands out. Maire Tecnimont last year signed an agreement with the Persian Gulf Petrochemical Industries Co. estimated to be worth over $1bn, to collaborate in the design and construction of refineries and petrochemical research.
30. Daelim
We conclude the list this year with the profile of another promising South Korean contractor. Daelim in Q1 2017 announced that it has received a letter of award (LOA) from Iran’s Esfahan Oil Refining Co (EORC) to improve oil refinery facilities. The deal, which is worth about $2bn, requires adding facilities that will be used to produce high value-added products to the oil refinery in Isfahan, located 400km south of Tehran. Under the deal, Daelim will be in charge of design, equipment and material procurement, construction and financing. Construction of the project will take 48 months after groundbreaking, Daelim estimates.
(…end of list.)
