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Takreer Awards $4.4 Billion Contract

ABU DHABI — Takreer (Abu Dhabi Oil Refining Company) announced today that balance three Contracts worth $ 4.4 billion have been awarded to three South Korean Companies for “Engineering, Procurement, Construction and Commissioning”, or EPC, works of the Ruwais Refinery Expansion Project.

Takreer had announced on 3^rd November 2009 the award of 2 Contracts at $5.2 billion for the process packages of the project. This brings the total value of awarded Contracts of the project to $9.6 billion.

Fourteen international companies competed for these three contracts. Samsung Engineering Co. Ltd. was awarded the Offsites & Utilities Package for a total value of $2.7 billion, Daewoo Engineering & Construction Co. Ltd. was awarded the Tankage & Associated Interconnecting Piping Package for a total value of $1.2 billion and GS Engineering & Construction Corp. was awarded the Marine Facilities Package for a total value of $0.5 billion.

With the above awards Takreer has concluded award of main packages comprising the Ruwais Refinery Expansion Project aimed at increasing the crude oil refining capacity by 417,000 barrel per day with latest advanced Technology for down stream processing units to produce high quality products. The new Refinery has been designed to comply with U.A.E. and International Environmental Standards.

Takreer, a subsidiary of Abu Dhabi National Oil Company, or ADNOC, stated that the PROJECT is due to meet commercial production by end of 2013. —