Samsung, GS win US$ 7.2 bil. contract in Saudi Arabia

삼성E&A•GS건설, 사우디서 9.6조원 규모 가스플랜트 공사 수주

South Korean construction firms, Samsung E&A and GS E&C, have clinched a massive 7-point-2 billion dollar contract to expand a gas plant in Saudi Arabia, signaling a potential second construction boom in the Middle East.
Shin Se-byuck reports.

Samsung E&A and GS E&C have won a combined seven-point-two billion U.S. dollar deal to expand a gas plant in Saudi Arabia.
Samsung's construction arm announced on Wednesday that it had been successful in securing 6 billion dollars worth of contracts for Packages No. 1 and No. 4 for the Fadhili Gas Plant Expansion Project from Saudi Arabia's state-owned oil company Aramco, the largest project a South Korean construction firm has ever secured in the Middle East country.
These packages involve building a gas processing plant, and utility and additional facilities.
GS E&C also bagged an order worth 1-point-2 billion dollars for the program’s package No. 2, the construction of a sulfur recovery processing plant.

The contract value,.. that the two companies have secured this time, equals about a fifth of all overseas contracts won by South Korean construction firms last year.
Thanks to these contracts, the total value of overseas construction orders secured as of April 2 this year has hit over 12-point-7 billion dollars, more than doubling last year's figure for the same period.
The deals also come less than a year after Hyundai Construction landed a 5 billion dollar deal for a petrochemical plant in Saudi Arabia last June.

With the domestic real estate market experiencing a downturn, the construction industry is increasingly looking abroad for opportunities.
Amid these circumstances, the latest deals are fueling expectations for a "second Middle East construction boom."
This potential boom harks back to the first one in the 1970s when Korean construction firms made significant inroads into the Middle East, setting the stage for Korea's rapid economic growth.

The Presidential Office hailed the contract on Wednesday, saying it resulted from President Yoon Suk Yeol's summit diplomacy with Saudi Arabia's Crown Prince Mohammed bin Salman.
The two leaders have exchanged visits with President Yoon making a state visit to Riyadh last October where an agreement was made to strengthen cooperation in infrastructure.
According to Aramco, Saudi's state petroleum company, the project will increase the Fadhili Gas Plant’s processing capacity from 2-point-5 to up to 4 billion standard cubic feet per day
raising production capacity by more than 60 percent by 2030 compared to 2021.

Shin Se-byuck, Arirang News.

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2024-04-03, 18:00 (KST)

Видео Samsung, GS win US$ 7.2 bil. contract in Saudi Arabia канала Arirang News