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Aramco awards Samsung Luberef expansion deal
- Saudi Arabia: Wednesday, October 17 - 2012 at 03:38
South Korean group Samsung Engineering has been awarded a contract to double the capacity of a Luberef oil lubricants refinery in Saudi Arabia that is majority-owned by Saudi Aramco, Reuters has reported, citing two industry sources. Samsung competed against South Korean peer Hyundai Engineering and Construction, Italian group Saipem and Spanish company Tecnicas Reunidas for the project, seen costing $1bn. Luberef said recently that commercial production from the expansion will start in the fourth quarter of 2015. Luberef, 70% owned by Saudi Aramco and 30% by Saudi Jadwa Industrial Investment, produces around 550,000 tonnes per year of oil lubricants at its two refineries on the kingdom's Red Sea coast at Jeddah and Yanbu.
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