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Korea: S Korea companies clinch ME oil, gas projects worth over $3 bil

https://www.chemnet.com   Aug 03,2010
South Korea's Daewoo Shipbuilding and Marine Engineering said Monday it
had won contracts to build oil facilities worth about $2.15 billion.


Under a $1.8 billion deal with a South African oil company, Daewoo
Shipbuilding will build a floating production, storage and offloading vessel
with a production capacity of 160,000 b/d of crude and 160,000 cubic meters of
natural gas. The ship will also be able to store 1.8 million barrels of crude.
Delivered in 2013, the vessel will be deployed offshore fields west of Angola.
The shipbuilder defused to identify the company that placed the order.


In a separate deal with two US oil companies worth $350 million, Daewoo
Shipbuilding will build an offshore plant, but it did not give details of the
customers or plant capacity.


Meanwhile, South Korean builder Hyundai Engineering & Construction said
that it has clinched a $1.46 billion deal to build oil and gas pipelines in
eastern Kuwait. Under the deal with the state-run Kuwait Oil Co., Hyundai
Engineering will build an 800-kilometer pipeline that will link refineries at
Mina al-Ahmadi and power plants in the cities of Doha and Sabiya. Hyundai
Engineering plans to complete construction by April 2013.


The Kuwait Oil Company, a subsidiary of the Kuwait Petroleum
Corporation, is involved in exploration, drilling, and production of oil
and gas in Kuwait, as well as the storage of crude oil and delivery to tankers
for export.


The country's STX Heavy Industries also said it has won a $127 million
order from an Iraqi oil firm to build a power plant. The deal with North
Refineries Company calls for STX to build a diesel-fired plant with a capacity
of 85 MW at Iraq's refinery plant of NRC-Baiji.
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