AED 12.8 billion ADNOC Refining Company signed two contracts with Samsung Engineering Limited

Media In – Abu Dhabi March 26, 2018

 Abu Dhabi National Oil Company (ADNOC) today announced the signing of its wholly-owned ADNOC Refining Company with two contracts with Samsung Engineering Co. Ltd. for a total value of over AED 12.8 billion (US $ 3.5 billion).
The signing ceremony was witnessed by Dr. Sultan bin Ahmed Al Jaber, Minister of State and Chief Executive Officer of Abu Dhabi National Oil Company (ADNOC) and its Group of Companies and Pike On-Kyo, Minister of Commerce, Industry and Energy of the Republic of Korea.
Abdul Aziz Al Hajri, Director of Gas, Refining and Petrochemicals, ADNOC and Choi Sung-An, Chief Executive Officer of Samsung Engineering Limited, signed the agreements.
“The UAE has strong relations of friendship and partnership with the Republic of Korea in various fields in line with the wise leadership approach of closer cooperation with the international community to achieve common interests,” said Dr. Sultan Al Jaber.
“The signing of these agreements with Samsung will contribute to the consolidation of strategic relations with our Korean partners. As ADNOC continues its efforts to achieve the objectives of its 2030 integrated strategy for smart growth, new and more promising investment opportunities are available in all areas of the oil and gas sector, especially in gas, refining and petrochemicals, Established relations between ADNOC and its Korean counterparts. ”
The first agreement, valued at AED 11.5 billion (US $ 3.1 billion), aims to develop the flexibility of refining various types of crude oil in Ruwais. The project is scheduled to be completed by the end of 2022.
The second agreement includes the awarding of a contract worth 1.73 billion dirhams ($ 473 million) for the energy and water recovery project at the Ruwais refinery. The project is scheduled to be completed by the end of 2023. The project will produce 230 megawatts of electricity for sale and 62,400 cubic meters of water per day through heat capture Which was launched into the atmosphere by updating four giant gas turbines equipped with closed cycle technology and use them in generating electricity.