The South Korean engineering company Samsung Engineering has signed two contracts worth US$3.5bn with the Abu Dhabi National Oil Company (ADNOC) refining subsidiary regarding the upgrade of the Ruwais oil refinery.
The first US$3.1bn contract has been awarded under the framework of the Crude Flexibility Project (CFP). Once completed by the end of 2022, it will enable the refinery to process up to 420,000 bbl/d of Upper Zakum crude oil, which will be dedicated to export markets. This light sweet crude oil fetches a higher price because it does not contain much sulphur and is less dense than medium sour crudes.
The other US$473m contract aims at upgrading the gas turbines of the refinery and capturing waste heat using closed-cycle power generation technology. It will help generate an additional 230 MW of electricity and 62,400 m3/d of water at the refinery.
The Ruwais oil refinery was commissioned in 1981, with a capacity of 120,000 bbl/d that ramped up to approximately 844,000 bbl/d. ADNOC currently accounts for 6% of the global crude oil reserves and aims at tripling its refining capacities by 2025.
Interested in World Refineries?
Use this powerful business intelligence tool to assess current and future production capacities of oil products by country and by zone. Gain insight into companies' asset portfolios and future trends for refined oil production capacities, giving you the ultimate edge for strategy and decision-making.