Samsung C&T scores $2 bn LNG expansion contract from QP

[Photo provided by Samsung C&T Corp.]

Samsung C&T Corp., a construction and trading unit of Samsung Group, has won $1.67 billion deal from Qatar Petroleum (QP) as part of its giant LNG expansion project, the company announced on Tuesday.

Samsung C&T said it signed a major engineering, procurement, and construction (EPC) contract worth $1.67 billion for the expansion of LNG storage and loading facilities located within Ras Laffan Industrial City, some 80 km north of the capital Doha, Qatar.

As exclusive contractor for the deal, Samsung C&T will build three 187,000-cubic meter LNG storage tanks, three LNG loading berths, and gas supply and loading pipelines, with an aim to complete the construction by November, 2025.

The state-owned LNG giant QP is expediting the North Field East expansion project in order to meet growing global demand for LNG.

Samsung C&T was able to land the deal thanks to its ample experience in carrying out numerous global LNG projects, port constructions, and other major development projects in Qatar. The builder successfully built LNG terminals in Singapore and Malaysia and is currently constructing Vietnam¡¯s first LNG terminal.

The company plans to continue expanding its business portfolio in LNG infrastructure construction to meet the increasing demand for the renewable energy source.

Shares of Samsung C&T closed Tuesday up 0.82 percent at 122,500 won in Seoul.

[¨Ï Maeil Business Newspaper & mk.co.kr, All rights reserved]