On July 7, Daewoo E&C announced that the company won Package 1 of the Duqm Refinery project by forming a joint venture with Tecnicas Reunidas (TR), a Spanish engineering procurement construction (EPC) company.
Daewoo E&C will jointly execute EPC (engineering, procurement, construction) with TR. Its equities are US$962.5 million or 35%. It will take 47 months to finish the work.
Daewoo E&C had its technological prowess recognized in Oman by successfully completing the construction of a breakwater in Oman in 1999, the Duqm Shipyard in 2011 and a 2,000MW power plant which is largest in Oman in 2015.
Its partner company TR, is a Spanish construction company with a wealth of experience in the construction of refineries. Based on local experience and know-how, Daewoo E&C is expected to generate great synergy effects with TR.
Duqm Refinery & Petrochemical Industries Company LLC (DRPIC), a joint venture between Oman National Petroleum Corporation and Kuwait International Petroleum Corporation, ordered the construction of Duqm Refinery facilities with a daily production capacity of 230,000 barrels. When completed, Duqm Refinery will be the largest refinery in Oman.
The Original Posted by Lee Song-hoon/Business Korea