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March 31, 2014
Samsung Engineering signs oil-field-development contract in Iraq
Samsung Engineering Co., (Seoul, South Korea; www.samsungengineering.com) has officially announced that it was awarded the North (Hammar Mishrif) New Degassing Station Facilities contract for the ENI Zubair Oil Field Development project in Iraq, worth $840 million.
The development of the Zubair Field is led by Eni (32.8%) with Occidental Petroleum Corp. (23.4%), Korea Gas Corp. (18.8%) and Iraq's state-run Missan Oil Co. (25%). Samsung Engineering will be responsible for engineering, procurement, construction and pre-commissioning on a lump-sum turnkey basis to build a gas and oil separation plant (GOSP) with a capacity of 200,000 barrels per stream day (BPSD). The project is located in the Basrah region, 480 km southwest of Baghdad, the capital of Iraq. The project is expected to reach completion in 2016.
Samsung Engineering’s CEO Park Choong-Heum says, “This contract award is a direct result of proven project execution capabilities and commitment to the Iraqi market since 2012.” Samsung Engineering will build a long-term partnership with the Iraqi government and client, thus, socially contribute to the communities,” he adds.
Entering Iraq in 2012 with the West Qurna-2 GOSP project and continuing its operation with the Badra GSP project in 2013, Samsung Engineering expects to further improve its position in the Iraqi market. Moreover, Samsung takes an interest in the welfare of local community in Iraq. Just last year, Samsung Engineering built and donated two libraries for children in cooperation with UNICEF in the Basrah region, providing more educational opportunities for young students.