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FinancialNews
08-02-18
UAE's oil refinery to be upgraded in USD3.2bn Samsung Engineering deal
(MENAFN) A $3.1 billion agreement to modify an oil refinery in the UAE was acquired by a joint venture of Samsung Engineering Co.
Samsung and CB&I are, according to the agreement with Abu Dhabi National Oil Company (ADNOC), to implement crude processing flexibility at Ruwais oil refinery.
The deal is to allow ADNOC's Ruwais Refinery-West complex to process several crude types of about 420,000 barrels on a daily basis.
Director of ADNOC's Downstream Directorate, Abdulaziz Abdulla Alhajri, stated "enabling the Ruwais Refinery-West to process Upper Zakum, or similar, medium sour crude, in place of Murban light sweet crude, will allow us to extract greater value from our crude resources."
MENAFN0802201800450000ID1096443694
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