In October 2019, GS Engineering & Construction announced that it will buy a stake in a Turkish construction company in order to potentially participate in a plant project in Turkey. GS Engineering & Construction announced it will acquire 49% stake in Ceyhan Petrokimya Endustriyel Yatrim (CPEY) under Turkey's Ronesans Holding.
The value of the deal will be determined after the Turkish firm finalises its future project plans, according to GS Engineering & Construction. The latest deal allows GS Engineering & Construction to participate in CPEY's Ceyhan Propane De-Hydrogenation-Polypropylene project to build petrochemical plants in Adana, southern Turkey. GS Engineering & Construction announced that it will also sign a contract for front-end engineering design (FEED) of the project and is expected to land an engineering, procurement and construction (EPC) deal.
In September 2019, South Korea’s GS Engineering & Construction signed a $230mn deal to build a petrochemical plant in Thailand on a turnkey basis. GS Engineering & Construction announced it won an order from Thailand’s HMC Polymers Co to build a polypropylene plant capable of 250,000 tonnes per year at the Map Ta Phut Industrial Estate in Rayong, Thailand. The HMC PP4 Project is estimated to cost about $230mn, equivalent to 2.1% of the company’s annual revenue last year, is expected to take 35 months to complete. Earlier, GS Engineering & Construction successfully finished the HMC PP3 Project worth $185mn for polypropylene production facilities after two years of construction in 2009. The latest deal is to add a plant right next to the previous one. The latest contract has once again proved GS Engineering & Construction’s advanced building technologies, claimed a company official.
GS Engineering & Construction announced in June 2017 that it has won an order worth $865mn to restore the fire-hit refinery unit owned by ADNOC. The company was planning to complete the work by early 2019. ADNOC restarted crude distillation and associated units after the fire, but gasoline and propylene production have been partially reduced.
As a result of experience and technical expertise gleaned from construction of domestic and overseas plants, GS Engineering & Construction is recognised as one of the world leaders in the plant EPC business. The company was founded in 1969. Since then, as a result of concerted companywide efforts, GS Engineering & Construction was incorporated into the DJSI Asia Pacific for the tenth consecutive year and ranked 22th among the top 250 global construction companies selected by Engineering News-Record (ENR) of the United States. GS Engineering & Construction was also awarded the champion prize during the Annual Safety Award Convention sponsored by the Singapore Land Traffic Authority, and is recognised as a global enterprise with top standards.
GS Engineering & Construction intends to implement genuine sharing and serve as a partner to local communities through corporate community involvement (CCI) activities reflecting its industrial strengths. Through strategic social contribution programmes that take into account its business portfolio, the company has contributed to the growth of local communities via meaningful programmes instead of one-time donations. Recently, GS Engineering & Construction is promoting overseas social contribution activities and is making efforts to build programmes that help the company earn the trust of the local communities.
For the latest refining and petrochemical industry related videos, subscribe to our YouTube page.