Sunday, April 20, 2014

11 September 2013

Daewoo E&C will take charge of the front end engineering design (FEED) of an oil facility in Venezuela, the country with the largest oil reserves. FEED is considered a part of the basic design, and so far has been dominantly led by Japan and Europe. 

On September 9, Daewoo E&C announced that it signed a US$67.34 million FEED contract with Petróleos de Venezuela, S.A. (PDVSA) at the level between basic design and detail design.

Plant design is divided into basic and detailed designs. Most domestic construction and engineering companies have high level techniques of detail design, but global companies of advanced nations such as the US and Europe have been dominating the sector of basic design and FEED. 

This is a three-package project for building oil storage, delivery, and docking facilities in Oricono, the largest oil-field region of Venezuela. 

Currently, Daewoo E&C and STX Heavy Industries are about to set up a joint venture with each investing 50%. POSCO E&C will also join the business sooner or later. 

In particular, Daewoo E&C signed a memorandum of understanding (MOU) with the Venezuelan contractor in April last year to take care of the entire EPC process, which heightens the possibility of contracting an additional EPC order worth US$10 billion.

Categories: 

More Like This

Moroccan Power Plant Project
Tuesday, 13 August 2013
Daewoo Engineering & Construction Company obtained a maximum two trillion won order to build a coal-fired electrical power plant in Morocco.  On August 12, Daewoo E&C announced that on August...
Design Awards
Tuesday, 01 October 2013
Undergraduate students majoring in industrial design at Dongseo University have consecutively won the big three global design awards.  On September 30, Dongseo University announced that two teams...
News
Tuesday, 15 December 2009
DESIGN Korea 2009, a seven-day international design festival hosted by the Ministry of Knowledge Economy and Incheon Metropolitan City, and managed by the Korea Institute of Design Promotion and...
Energy Project in Venezuela
Monday, 09 December 2013
Hyundai Engineering & Construction (Hyundai E&C) announced on December 6 that it signed a US$2.3 billion (2.43 trillion won) deal to build an oil refinery in Venezuela commissioned by the...
Huge Construction Loss
Tuesday, 25 February 2014
Hyundai Engineering & Construction’s oil refining plant reconstruction project in Venezuela, which was won from Petróleos de Venezuela two years ago, has been halted due to the non-payment of...
News
Wednesday, 05 October 2011
Korea Power Exchange (KPX CEO, Yeom Myong-chun) hosted a seminar on Next-generation EMS Design Standardization at its Cheonan office for three days from September 5 to 7. KPX held the seminar in...

Copyright 2013 BusinessKorea Co., Ltd.

301 Samdo Building, 12-1 Yeoido-dong, Yeongdeungpo-gu, Seoul, Korea 150-010 | Tel: +82-2-578-3220 | Fax: +82-2-578-3224 | Email: contact@businesskorea.co.kr