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

By Razak Musah BabaFeaturesDow 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.

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.

Continue Reading Below

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

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