2020 RPME Top 30 EPC Contractors: Daewoo Engineering & Construction

Published: 14 April 2020 - 3:30 a.m.
By: Martin Menachery
In May 2019, Daewoo Engineering & Construction announced that it has landed an order to build a container terminal for $199.75mn in Basra, southern Iraq. Daewoo Engineering & Construction said it has signed a contract to build Al Faw Container Terminal (Phase 1) with the attendance of Al Maliki, Iraqi minister of transportation, and Park Chan-yong, an executive director of Daewoo Engineering Construction. The Iraqi Port Authority placed the order with the Korean builder. Daewoo Engineering Construction will build a 4.5 kilometre long temporary dike for the first phase construction of a container terminal in the Al Faw region of Basra.

"The project is a follow-up to the West Breakwater project in Al Faw, which is being built by Daewoo Engineering & Construction for completion in June 2019,” a Daewoo Engineering & Construction official said.

“Our successful implementation of the current project earned us strong trust from the client, who decided to award the new project to Daewoo Engineering & Construction without holding an open bidding process."

In particular, the development of Al Faw New Port in Iraq is a large-scale project to build a port in Basra, which is the only Iraqi state that borders on the sea. The Iraqi government plans to grow Al Faw Port into one of the world's top 12 ports.

In February 2018, Daewoo Engineering & Construction signed a contract on the EPC 1 package of Oman’s Duqm Refinery project, amounting to a total of $2.75bn through a joint venture with Técnicas Reunidas of Spain. Daewoo Engineering & Construction will conduct engineering, procurement and construction jointly with Técnicas Reunidas. Lead manager Técnicas Reunidas holds 65% stake in the project while Daewoo Engineering & Construction has 35% stake, which amounts to $960mn.

The construction work will run for 47 months after ground is broken. When completed, the facility will become the largest refinery in Oman, with a capacity to process 230,000 barrels per day. Daewoo Engineering & Construction has been leading the construction of thermal power, cogeneration, tidal power, nuclear power plants, LNG storage, and other facilities with its outstanding technology and passion. In the overseas markets, the company is competing with global players by building value-added plants. Its success has led to our being recognised as one of the global top 20 through its ongoing commitment to technology development and investment in the new and renewable energy sector.

Daewoo Engineering & Construction possesses unparalleled technologies in the fields of oil and gas, as well as pipelines and storage facilities. Daewoo Engineering & Construction has constructed approximately 50% of LNG regasification plants and storage tanks in South Korea. These include the Tongyeong, Incheon, and Pyeongtaek LNG receiving terminals. Daewoo Engineering & Construction has amassed a wealth of experience and technology in developing petrochemical production plants and refineries.

A particularly notable milestone was building S-OIL’s Residue Upgrading Complex (RUC) and Mixed Feed Cracker (MFC), which allowed the company to maximise its business value. Daewoo Engineering & Construction maximises the value of the refinery and petrochemical industry by applying its comprehensive construction capabilities to all facilities.

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