GS Engineering & Construction Corp. has signed a US$2.6 billion (2.81 trillion won) contract to build a gas plant in Venezuela.
The deal is the Pirital-I project from Petroleos de Venezuela S.A. (PDVSA) Gas, which is a subsidiary of Venezuelan state-run oil firm PDVSA. It is a large-scale gas plant construction project of nearly US$2.618 billion (about 2.8 trillion won), and GS E&C will build the plant on its own.
The project includes the construction of the plant with a daily output of 1,000 MM SCFD, which extracts and separates natural gas into liquids, and the construction of a 174 km pipeline to transport the gas from the plant to another facility located in the port region of El Jose.
Last year, GS E&C signed a project management agreement with the state-run PDVSA to supervise the expansion of the El Palito Refinery, serving as the project management company (PMC) to check construction process at the refinery. Winning the contract this year, GS E&C entered the South American market in the EPC sector for the first time and the company can diversify the market in earnest.