GS Engineering wins record US$3.1 bln refinery order from UAE

(ATTN: UPDATES share price; ADDS more details in last three paras)
SEOUL, Nov. 5 (Yonhap) -- GS Engineering & Construction Corp., a South Korean
builder, said Thursday it has won a US$3.1 billion deal to expand oil refinery
facilities in the United Arab Emirates (UAE).


The deal with Takreer, also known as Abu Dhabi National Oil Co., calls on GS
Engineering to complete the project by January, 2014, the company said. The order
is the biggest-ever won by a single South Korean company for plant construction.
The contract is part of a project to expand crude oil refinery facilities in
Ruwais, about 250km west of Abu Dhabi. The project aims to raise the site's
refining capacity by 417,000 barrels per day.
Shares of GS Engineering were trading at 108,000 won on the Seoul bourse as of
9:50 a.m., up 3.85 percent.
GS Engineering has won plant construction-related orders worth 7 trillion won
($5.95 billion) so far this year, far exceeding its yearly target of 3.8 trillion
won.
sam@yna.co.kr
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