In February 2018, Daewoo Engineering & Construction signed a contract on the EPC 1 package of Oman’s Duqm Refinery project, amounting to a total of $2.75bn through a joint venture with Técnicas Reunidas of Spain. Daewoo Engineering & Construction will conduct engineering, procurement and construction jointly with Técnicas Reunidas. Lead manager Técnicas Reunidas holds 65% stake in the project while Daewoo Engineering & Construction has 35% stake, which amounts to $960mn. The construction work will run for 47 months after ground is broken. When completed, the facility will become the largest refinery in Oman, with a capacity to process 230,000 barrels per day.
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