SKEC Ventures Into
Overseas Markets
Signs $1.2 bln deal With Kuwait Oil Company
SK Engineering and Construction (SKEC) has signed a $1.2-billion contract with Kuwait's Oil Company (KOC) with the goal of modernizing several oil facilities.
The 25-month contract covers 10 oil gathering centers and a gas booster station, SKEC said.
The agreement will help 'upgrade the Kuwaiti company's infrastructure, modernize its facilities, increase its production capacity and provide a safe working environment for its personnel,'KOC board chairman Faruk Al Zenki said after signing the deal.
The contract 'complements one signed by the company a month ago with (British-based international oil services firm) Petrofac to upgrade its facilities,'he added.
The value of the deal with Petrofac was put at $680 million.
The deals are part of a major push by Kuwait to upgrade its oil production and export facilities as it seeks to raise its output capacity from 2.7 million barrels per day (bpd) to four million bpd by 2020.
KOC is a subsidiary of the emirate's oil conglomerate Kuwait Petroleum Corp which is responsible for oil exploration, drilling and production.
"The recent deal shows SKEC" strong willingness to make further business ties with Middle Eastern nations with affluent crude oil,"a company official said.
Kuwait, which sits on 10 percent of global oil reserves, plans to invest up to $40 billion over the next 15 years to boost its production capacity and build key oil facilities and petrochemical projects.
On the other hand, SKEC observed the completion ceremony for KOCRP GC-15 project on site, Kuwait on Jan. 25, 2005, and celebrated the accomplishment of 2 million man-hour accident free record in the presence of Minister of Energy of Kuwait and Chairman of KOC together with CEO and Directors of SKEC.
At the ceremony Minister of Energy expressed his gratitude for having completed the project with much success of 100% restoration of fire-damaged units in the complex with his complimentary address.
Turning on humanitarian assistance, SKEC on February 27 donated 1 million Thai baht to the Thai government for the support of Tsunami damage suffered last year. At the event, Mr. K. H. Son the president of SKEC expressed his sorry for the disaster to Mr. Bitet the minister of Energy of Thailand.
SKEC is one of the world? best qualified engineering, procurement, construction and maintenance services organizations.
SKEC has an objective to develop, execute, and maintain capital projects safely, on schedule, within budget and with operational excellence. The dependability and expertise distinguish SKEC as an outstanding leader in the global market.
SKEC has applied its E&C System since 1983, when it started work on the Crude Distillation Unit at the SK Complex in Ulsan, Korea. This facility was enlarged to an annual production capacity of 810,000 BPSD in 1996, SKEC successfully completed a Heavy Oil Upgrading(HOU) Plant with an annual capacity of 63000 BPSD, a Lube Base Oil project and the No.1, 2 and 3 Reformer projects along with a 45,000 BPSD RFCC project.
With these large scale projects, SKEC has gained a reputation for its application of high technology. Throughout its accumulated technology and experience in the domestic market, SKEC has been venturing into overseas markets and is currently working on a number of international oil and gas projects worldwide.
SKEC's services extend from project feasibility studies, front-end engineering package development, detailed engineering, procurement and construction, to final commissioning, start-up, and operations and maintenance services, for grassroots, expansion and revamp projects.
SKEC's Oil & Gas Upstream business covers from the pretreatment of oil and gas from wellheads through pipeline and receiving terminal.
SKEC takes responsibility for a wide range of field developments, from front-end studies to detailed design & engineering, procurement, fabrication, installation, and commissioning.
SKEC has gained reputation as a confident EPC contractor for execution of oil and gas upstream projects, such as Rayon Tank Terminal project in Thailand, Gas Compression Station project in Brazil, Marine Terminal Expansion project in Thailand, Incheon LGP Storage Facility in South Korea
SKEC has been carrying out a wide range of design and construction projects for the petroleum refining industry, from single unit revamps to grassroots complexes worldwide. SKEC? experiences in refining include Crude distillation unit, Vacuum distillation unit, Heavy oil upgrading, Hydrotreating plant, Gas concentration, Naphtha reforming, Coking, Isomerization Plant, and so on.
SKEC recently has completed the Cadereyta oil refinery project in Mexico, which has been historically the largest scale project in refining businesses in the world, and been executed successfully another big project in Madero, Mexico.
SKEC provides its clients with valuable engineering, procurement, and construction services needed when clients want to quickly expand high growth areas to satisfy market needs in petrochemical and chemical plants.
SKEC successfully completed on time the ATC Aromatics and Reformer project in Map Ta Phut in Thailand on a turn key basis including responsibility for commissioning and performance test runs.
In other petrochemical projects, SKEC built an EB/SM plant, Butadiene plant, PX plant, EPDM plant and EO/EG plant and Urethane Plant.
Over the last decade, SKEC has compiled a comprehensive record in petrochemical and chemical plant projects for SK Corporation, the largest oil refining company in Korea, including a number of major expansion projects. They included the successful completion of Ethylene, PO/SM and PE/PP projects including expansion.
SKEC also possesses the capability to perform complete turnkey projects in the power and energy field, utilizing highly trained manpower as a result of participating in the construction of the Taean and Donghae Thermal Power Plants and Transmission Line in Korea.
By enlarging its precise execution capabilities and expanding into energy-related facilities, SKEC is proud of making a contribution to the development of such crucial, national infrastructure projects such as a 1,000 MW Combined Cycle, Independent Power Produce project in Gwangyang, Korea. SKEC is also concentrating its efforts on municipal district heating & power generation plants in Korea as well as co-generation power plants for industrial uses.
Recognizing that nature is an essential element of human life on the planet, SKEC's team of engineers is continuously endeavoring to develop "environmentally sound"approaches to SKEC's projects. SKEC stands at the forefront of environmental product development, and has developed technology for use in sewage and waste water treatment plants, as well as a soil treatment system. nw