INSEAD Day 4 - 728x90

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Samsung bags Aramco project

Samsung Engineering has extensive experience in constructing treatment facilities.
  • It is part of the Jafurah shale gas field development located 400 km east of capital Riyadh and is expected to be completed in 2025
  • The goal of the project is to produce shale gas, natural gas liquids (NGL), ethane, sulphur and stabilized condensate

Samsung Engineering has bagged a $1.23 billion contract from Aramco to develop Jafurah Gas Process Package 1, a major project that marks the first shale gas development in Saudi Arabia.

It is part of the Jafurah shale gas field development located 400 km east of capital Riyadh and is expected to be completed in 2025.

One of the world’s leading engineering, procurement, construction and project management (EPC&PM) companies, Samsung Engineering will build a gas treatment facility that will remove sulphur and other substances from 1.1 billion cubic feet of gas per day.

The agreement was signed at a key ceremony held at Al Ghawar Hall, Aramco Dhahran, in the presence of Saudi Minister of Energy Abdulaziz bin Salman, Saudi Aramco’s President and CEO Amin H. Nasser and Samsung Engineering’s President and CEO Sungan Choi.

The goal of the project is to produce shale gas, natural gas liquids (NGL), ethane, sulphur and stabilized condensate.

Samsung Engineering said it plans to independently build and complete the project. The scope of work includes a slug catcher, acid gas, NGL and mercury removal units.

Samsung Engineering has extensive experience by performing in constructing treatment facilities in the past. It plans to fully apply its know-how and technology in carrying out this project. Samsung Engineering further has a long and successful track record in Saudi Arabia and with Aramco projects, delivering them for Aramco since 2007.

On the deal, Choi said: “We are delighted to have got an opportunity to participate and contribute to the Aramco’s first shale gas development in Saudi Arabia with the ‘Jafurah Gas Process Package 1 Project.”