Daewoo Engineering & Construction Co., South Korea's No. 3 builder, said
Friday that it has signed a combined US$809 million deal to build a
petrochemical plant in Saudi Arabia and a fertilizer plant in Nigeria.
Under the deal with Saudi Arabia's state-run oil firm Saudi Aramco, the local
builder will build a plant for naphtha processing and aromatics production in
the kingdom's southwestern economic city of Jazan near the Red Sea.
Daewoo E&C said it secured the $1.04 billion contract by forming a strategic
partnership with JGC, a Japanese engineering company. The two companies are set
to complete the plant 41 months after starting construction and each has a 50
percent interest in the deal.
The latest order brings to $1.285
billion the total value of orders won by the South Korean builder in Saudi
Arabia alone.
Daewoo E&C also said it has clinched a $765 million
deal with Indonesia's petrochemicals firm Indorama Corp. to build a fertilizer
plant in Nigeria's southeastern city of Port Harcourt. To this end, the builder
established a joint venture with Japan's plant engineering company Toyo, it
said.
If completed in 34 months, the plant will daily produce 2,300
tons of ammonia and 4,000 tons of urea, Daewoo E&C said.
The stake
in the $765 million deal held by Daewoo E&C is worth $289 million, the
construction company said.
Daewoo E&C said it could achieve its
order target of $6.4 billion this year, citing large-scale planned overseas
contracts expected to be signed by the end of this year. It did not
elaborate.