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Contract Wins and Joint Ventures

Petrofac, Samsung Engineering JV set to bag $2bn contract

04 August 2017 13:08

Petrofac has confirmed that, in a 50/50 joint venture with Samsung Engineering, the Company has received notification of intent to award a contract worth approximately $2bn with Duqm Refinery and Petrochemical Industries (DRPIC) in the southern part of Oman.

The Company said work on the 47-month project will commence shortly, subject to financial closure and full notice to proceed from DRPIC.

Petrofac's and Samsung's scope of work includes engineering, procurement, construction, commissioning, training and start-up operations for all the utilities and offsites at Duqm.

A strategic investment for the Sultanate of Oman, and forming the cornerstone of the Duqm Special Economic Zone, the development occupies more than 2,000 acres and, when completed, will have a refining capacity of approximately 230,000 barrels of oil per day.

E Sathyanarayanan, Group Managing Director, Engineering & Construction, commented:

"This significant project represents our twelfth in the country and serves to reinforce Petrofac's commitment to one of our core markets; one in which we have been present since 1988. Furthermore, it provides a valuable opportunity for us to continue to increase in-country value through engaging with the local supply chain and recruitment of local resources.

"We are very much looking forward to working with Samsung on this project and growing our relationship with DRPIC."

At 1:08pm: (LON:PFC) Petrofac Ltd share price was +34.65p at 478.75p

Story provided by StockMarketWire.com

Related Company: PFC

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