Petrofac JV set to win $2bn Duqm Refinery contract
Petrofac on Friday announced that it, in a joint venture (JV) with Samsung Engineering, is set to be awarded a US$2bn engineering, procurement and construction (EPC) contract for Duqm Refinery project in Oman.
‘Petrofac, in a 50/50 joint venture with Samsung Engineering, has received notification of intent to award a contract worth approximately US$2bn with Duqm Refinery and Petrochemical Industries LLC (DRPIC) in the southern part of Oman’, the UK-based Petrofac said in a statement on its website.
It said the 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.
Duqm Refinery is a joint venture between Oman Oil Company and Kuwait Petroleum International (KPI).
A strategic investment for the sultanate, and forming the cornerstone of the Duqm Special Economic Zone, the Duqm Refinery project 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, at Petrofac, said: “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,” he added.