(From left) Wanchai, head of the TTCL Business Division, Supattanapong, CEO of PTTGC, Choi Sung-an, CEO of Samsung Engineering are showing contract documents at Lotte Hotel in Seoul on Jan. 23.
Samsung Engineering Wins 670 Billion Won Order to Build Plant in Rayong, Thailand
Samsung Engineering will construct an olefin plant, a basic raw material for petrochemicals at the Map Ta Phut Industrial Complex in Rayong City about 150km southeast of Bangkok, Thailand.
Samsung Engineering clinched the order jointly with TTCL, a local company in Thailand. The total order amount was about 880 billion won (about 670 billion won for Samsung). Olefin is a key base oil produced through gas and naphtha crackers and ethylene, propylene and butadiene beling to the olefin family.
Samsung Engineering announced on Janury 24 that the company signed an EPC (engineering, procurement and construction) contract on the olefin plant project with PTTGC, an affiliate of PTT, Thailand’s largest state-run energy company. When the plant is completed in 2020, the plant will be able to produce 500,000 tons of ethylene and 250,000 tons of propylene per year.
The order will earn Samsung Engineering more trust from PTTGC. PTTGC is an affiliate of PTT, Thailand’s largest state-owned energy company. Samsung Engineering has successfully completed five projects including PTCGC EO.EG project of PTTGC and is conducting GC Oxirane PO (propylene oxide) project.
Moreover, the project became Samsung Engineering’s 19th deal with PTT. Samsung Engineering has been conducting projects for PTT for roughly 20 years since 1991. Among them, the GSP-6 project picked up the “Excellent Project Award” from the Project Management Institute (PMI) of the US, proving the Korean builder’s ability to perform projects worldwide.
PTT is Thailand’s largest energy state-owned enterprise with about 40 subsidiaries and covers both the upstream and downstream sectors such as gas exploration, drilling, refining, production, distribution and sales.
*670 billion South Korean Won = 623.1 million U.S. dollars
Source: http://businesskorea.co.kr/english/news/industry/20377-petrochemical-project-thailand-samsung-engineering-wins-670-billion-won-order