Samsung Engineering has secured a petrochemical plan project worth US$350mn from Saudi Arabia.

Yeon-Joo Jung, president and CEO of Samsung Engineering, signed the contract at the company’s Seoul head office on September 15 with the chairman of Sharq, a subsidiary of Sabic, the largest state-owned petrochemical company in the Middle East.

The project involves the construction of the world’s biggest ethylene glycol plant, boasting annual production capacity of 700,000 tons, at Al-Jubail Industrial Complex located about 600km from the capital Riyadh.

Samsung will perform engineering, procurement, construction and pre-commissioning as part of lump-sum turnkey service and plan to complete by February 2008.
The Sharq EG project marks the beginning of US$1.8bn award Samsung Engineering is expected to reap by the end of this year in Saudi Arabia alone.