Seoul: Samsung Engineering Company, South Korea's No 1 engineering company by sales, expects to win in late April or early May a $1.4 billion (Dh5.14 billion) contract tendered by a joint venture set up by Abu Dhabi National Oil Company, or Adnoc, and ConocoPhillips to develop part of the Shah gas project.
The new contract should pave the way for the company to achieve this year's order target of 11 trillion South Korean won, Samsung Engineering chief executive Park Ki-seok told Dow Jones Newswires recently.
"We believe we will continue to be successful in Abu Dhabi," Park said.
In November, the company was awarded a $2.7 billion order to build a refinery plant for Adnoc.
The Shah gas project consists of four packages valued at a total of $10 billion. Samsung Engineering is bidding for Package 4.
Technip SA of France and Spain's Spain's Technicas Reunidas are reportedly also in the bidding.
Samsung Engineering is on track to achieve its order target in 2010, which is up 8.7 per cent from 10.117 trillion won it booked last year, as it expects some tangible results from the biddings it has joined and plans to join, thanks to a proven track record and technical expertise, Park said.
"We will accomplish the goal by participating in $40 billion worth of bids to build hydrocarbon plants and taking up non-hydrocarbon projects including facility expansion in affiliates this year," said Park who is also president of the 40-year-old engineering company.
It has built production facilities for Samsung Group affiliates such as Samsung Electronics and Samsung SDI.
The company will also join a bid in early May to build a petrochemical plant for Adnoc and it expects a positive outcome in the same month, Park said. No more details are available on the value of this project at this stage, he said.
Hydrocarbon plants include gas, refinery and petrochemical plants. In the non-hydrocarbon business the company aims to diversify into power, desalination, water treatment and steel mills.