GS E&C signs deal to build expansion of UAE oil plantGS Engineering & Construction said yesterday it has signed a deal for $730 million to expand an oil plant in the United Arab Emirates.
Korea’s sixth-largest builder in terms of capacity said that it signed a contract with the Abu Dhabi Company for Onshore Oil Operations on Monday to expand a plant at Rumaitha/Shanayel Oil Field, which is located 50 kilometers south of Abu Dhabi.
GS E&C said that it formed a consortium with local company Dodsal to win the project, which was originally valued at $1.4 billion. The Korean builder owns a 51 percent stake in the project and will be responsible for crude oil facilities.
GS E&C has secured 5.6 trillion won ($5.4 billion) worth of orders this year.