10. UAE’s ADNOC awards EPC contract for $3.1bn refinery upgrade
Abu Dhabi National Oil Company (ADNOC) awarded an engineering, procurement, and construction (EPC) contract to a joint venture between South Korea’s Samsung Engineering and the Netherlands' CB&I.
The contract is for ADNOC’s $3.1bn (AED11.4bn) Crude Flexibility Project, which aims to introduce crude processing flexibility at its Ruwais oil refinery.
The initiative will reportedly enable ADNOC’s Ruwais Refinery-West complex to process up to 420,000 bpd of Upper Zakum crude, or similar crude types from the market.
This will, in turn, allow it to utilise Murban crude, which commands a higher price on global oil markets, for export sales.
In a statement, the oil company revealed that the planned modifications, scheduled to be completed by the end of 2022, will add an atmospheric residue de-sulphurisation (ARDS) unit to the refinery.