[Sponsored Report] Expansion in Middle East thanks to high technology
With the successful completion of the ninth and 10th phases of the Iran South Pars project, GS E&C was acknowledged for its execution of engineering, procurement and construction contracts. It was able to diversify from Saudi Arabia and Kuwait into the rest of the Middle East, Africa and Southeast Asia.
That accomplishment makes GS E&C the first company in Korea to notch experience in all fields in the LNG value chain. Since the current plant market is trending towards gas rather than oil, this is a chance to reinforce GS’s competitiveness.
Continuous investment, high technology and price competitiveness have brought GS results. The company bid successfully to build a $3.11 billion RFCC plant for Takreer, a subsidiary of the Abu Dhabi National Oil Company. This is the largest project a local company has ever received an order for without a partner. An RFCC plant changes low-value-added medium-quality oil produced in a ordinary refinery into high-value-added oil.
GS E&C is also showing even growth and development elsewhere, winning a Singapore civil engineering project and the UAE Ruwais Refinery Expansion Project. The company also won the $520 million Ruwais Refinery Expansion Project Package #7 marine port facility construction project from Takreer, and has already shown results in overseas public works.
The company has succeeded in diversifying, acknowledged for its EPC port construction technology.
A senior official of GS E&C, in charge of plant business division, remarked, “This is a major achievement that a Korean company has received an order for the world’s largest scale RFCC construction, showing that GS E&C has been acknowledged highly for its technology. In the future, we expect to occupy the dominant place in large oil refinery and gas plant construction in the Middle East region.”
By Lee Ji-hyun [firstname.lastname@example.org]
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