Petrofac-Samsung Engineering JV Wins $2 Billion Contract in Oman

By Razak Musah Baba Features Dow Jones Newswires

Petrofac Ltd.'s (PFC.LN) joint venture with Samsung Engineering (028050.SE) has won a contract worth $2 billion with Duqm Refinery and Petrochemical Industries LLC in southern Oman.

Continue Reading Below

Petrofac said Friday that work on the 47-month project would commence shortly, subject to financial closure and full notice to proceed from Duqm Refinery.

Petrofac and Samsung will conduct the engineering, procurement, construction, commissioning, training and start-up operations at Duqm.

Petrofac shares at 1015 GMT up 5.9 pence, or 1.3%, at 449.9 pence, valuing the company at 1.56 billion pounds ($2.06 billion).

-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter: @Raztweet

(END) Dow Jones Newswires

Continue Reading Below

August 04, 2017 06:43 ET (10:43 GMT)