Mar 23, 2012
Samsung Engineering Co.
(KSE:028050), a leading South Korean industrial plant builder,
said Friday that it has won a US$1 billion deal to build an oil
development-related facility in Iraq.
Under the deal with Lukoil of Russia, Samsung Engineering
will build a gas oil separation plant in Basra, Iraq by July
2014, the company said.
The plant processes crude oil, and separates gases, thus
making the crude economically viable for storage, processing
and export.
The plant will have a production capacity of 460,000 barrels
a day, according to Samsung Engineering.
Samsung Engineering said the latest deal will help it
venture into the world's fourth-largest oil reservoir.
(Yonhap) nt
