Samsung Engineering awarded $ 3.1 billion ADNOC refinery project

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Samsung Engineering awarded $ 3.1 billion ADNOC refinery project

Samsung Engineering Co., Ltd announced today that it has received a letter of award (LOA) to build a Crude Flexibility Project (CFP) on behalf of ADNOC Refining in the United Arab Emirates. At a value of $ 3.1 billion, it is the ninth award in total Samsung Engineering received from ADNOC (Abu Dhabi National Oil Company), the national oil company of UAE and the parent company of ADNOC Refining.

Samsung Engineering secured the contract in partnership with CB & I Nederland B.V. as joint venture partner. Samsung’s contract amount is $ 2.6 billion.

This project will be built at the Ruwais Industrial Complex (the largest industrial complex in the UAE). It will construct a new Atmospheric Residue De-Sulfurization (ARDS) facility, with an annual capacity of 177,000 barrels per day. The estimated completion schedule will see project delivery end of 2022.

Samsung Engineering has previously delivered six projects in the Ruwais complex, two of which are directly linked to CFP. Therefore, not only is it possible to fully utilize the existing experienced manpower, equipment, facilities and partner network, but also build on our strong relationship with ADNOC Refining.

Sungan Choi, President & CEO of Samsung Engineering stated: “We were able to win this project based on our track record of delivering safely and on schedule.” Further was stated: “We will do everything in our power to successfully execute CFP by utilizing our global experience in the refining sector.”

www.samsungengineering.com

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.