In February 2019, ADNOC announced that it is building the world’s largest single underground project ever awarded for oil storage, with a capacity of 42 million barrels of crude oil, in the Emirate of Fujairah on the eastern coast of the UAE. An EPC contract was awarded to South Korea’s SK Engineering and Construction Co to construct the three underground storage caverns, each with a capacity of 14 million barrels, deep below ground level. The EPC contract is valued at $1.21bn with approximately 50% of the contract spend feeding back into the UAE economy through ADNOC’s In-Country Value programme. In December 2018, Saudi Arabia’s Advanced Petrochemical Company gave a $350.6mn EPC contract for the construction of a new polypropylene plant in South Korea’s southern port city of Ulsan to SK Engineering and Construction Co.
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