Daewoo E&C wins deal for plants in Africa, M. EastDaewoo Engineering & Construction said it has signed a combined $809 million deal to build a petrochemical plant in Saudi Arabia and a fertilizer plant in Nigeria.
Under the deal with Saudi Arabia’s state-run oil firm Saudi Aramco, the local builder will build a plant for naphtha processing and aromatics production in the kingdom’s southwestern economic city of Jazan near the Red Sea.
Daewoo E&C said it secured the $1.04 billion contract by forming a strategic partnership with JGC, a Japanese engineering company. The two companies are set to complete the plant 41 months after starting construction and each has a 50 percent interest in the deal.
The latest order brings to $1.285 billion the total value of orders won by the Korean builder in Saudi Arabia alone.
Daewoo E&C also said it has clinched a $765 million deal with Indonesia’s petrochemicals firm Indorama Corporation to build a fertilizer plant in Nigeria’s southeastern city of Port Harcourt.