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Samsung wins Ruwais

Petrochemicals

RUWAIS FERTILISER INDUSTRIES (Fertil), a subsidiary of Abu Dhabi National Oil Company (Adnoc), has awarded an engineering, procurement, construction and commissioning (EPCC) contract to

Samsung Engineering to develop a US$1.2 billion (Dh4.4 billion) fertiliser plant (Fertil 2). Fertil 2 will be located in Ruwais, 250 kilometres west of Abu Dhabi. The facility will produce ammonia and urea, with a production capacity of 2,000 and 3,500 metric tonnes per day, respectively, slated for production in January of 2013.

"Samsung Engineering will execute this engineering, procurement, construction and commissioning project on a lump-sum turnkey basis, utilising its expertise gained from the execution of the Phu My fertiliser plant in Vietnam [2004 completion] and the current Maaden Ammonia project in Saudi Arabia [scheduled to be completed by December 2010]," a company statement said. "Samsung Engineering currently has established the project execution capacity of $10 billion and will continuously increase its capabilities based on the company's longterm plan. Samsung Engineering will try its best to win potential multi-billion dollar projects including the planned Ruwais Refinery expansion project located in the UAE, and continue its long-term partnership with Adnoc," Yeon-Joo Jung, President and CEO of Samsung Engineering, said.

The project will strengthen Ruwais' position as a major player in the region's petrochemical sector as the Gulf states have begun shifting their focus from upstream to mid- and downstream petrochemicals and energy-based industries that will help them maximise the economic benefits from oil and gas. The UAE's crude oil and gas reserves ranks globally as the fifth and sixth highest, respectively. Total gas reserves in the GCC remained stable at 42 trillion cubic metres last year while proven oil reserves stood at 496 billion barrels. Development and exploration investments in the Gulf's oil and gas sector are currently valued at over US$196 billion, according to latest published reports.

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