[Photo provided by Samsung Engineering Co.]
Samsung Engineering Co., a construction unit of South Korea’s Samsung Group, clinched an 880 billion won ($822.4 million) order to upgrade petrochemical plant facilities in Thailand in consortium with a Thai engineering company.
The company in a regulatory filing on Wednesday said that it signed an engineering, procurement, and construction (EPC) contract with PTT Global Chemical Public Co., a subsidiary of Thailand’s state-owned oil and gas company PTT, to reconfigure its olefins plant. Samsung Engineering bagged the order jointly with a Thai engineering firm TTCL Public Company and the Korean builder’s share of the 880 billion won project is worth 670 billion won, the company said.
The project is to remodel an olefins plant in Rayong, about 150 kilometers southeast of Thailand’s capital Bangkok by 2020. Once its remodeling is completed, the plant will have an annual production capacity of 500,000-ton ethylene and 250,000-ton propylene.
PTT Global Chemical Public is one of 40 units under Thailand’s largest state energy group PTT. Samsung Engineering already has completed five other engineering projects for PTT Global Chemical Public and has one underway. The latest project is its 19th project with the Thai conglomerate since 1991.
Shares of Samsung Engineering ended Wednesday at 15,850 won, up 0.32 percent from the previous session.
By Yong Hwan-jin and Cho Jeehyun
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