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ADNOC awards 2 contracts to Korean Samsung Engineering, worth over $3.5 billion

2 major contracts between ADNOC Refining and Samsung Engineering worth a total value in excess of $3.5 billion.

ADNOC awards 2 contracts to Korean Samsung Engineering, worth over $3.5 billion

Abu Dhabi, March 26 - Neftegaz.RU. On the occasion of the visit to the United Arab Emirates Mr. Moon Jae-in, President of the Republic of Korea, Abu Dhabi National Oil Company (ADNOC) announced the signing of 2 major contracts between ADNOC Refining, a wholly owned subsidiary of ADNOC, and Samsung Engineering, worth a total value in excess of $3.5 billion.

The 2 contracts – the award of a $3.1 billion project to introduce crude oil processing flexibility and the award of a $473 million project to recover power and water, both at the ADNOC-owned Ruwais oil refinery – mark another significant step forwards as ADNOC accelerates the delivery of its Downstream strategy.

The 1st of the 2 new contracts was an EPC contract for a crude oil processing flexibility project. Scheduled to be completed by the end of 2022, this project will enable ADNOC’s Ruwais Refinery-West complex to process up to 420,000 bpd of Upper Zakum crude, or similar crude types from the market, allowing ADNOC to extract greater value from its crude resources by liberating Murban crude, which commands a higher price on global oil markets, to be utilised for export sales.

The 2nd contract was an EPC contract for a new Waste Heat Recovery Project. This project, scheduled for completion by the end of 2023, will generate an additional 230 MW of electricity for sale and 62,400 m3 water daily by capturing waste heat. The project will play a significant role in reducing the environmental impact of ADNOC’s refining and power operations, whilst improving energy efficiency.

ADNOC is making significant investments in new downstream projects to grow its refining capability and expand its petrochemical production 3-fold to 14.4 mpta by 2025. As a result of the planned expansions in its Downstream business, ADNOC will create one of the world’s largest integrated refining and petrochemical complexes at Ruwais, located in Abu Dhabi’s Al Dhafra region.

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