Petrofac-Daelim JV Wins $2.1bn Oman Contract

The three-year contract includes engineering, procurement, construction, start-up and commissioning services at a refinery in Sohar.



Petrofac said a joint venture with South Korea’s Daelim Industrial Co had won a $2.1 billion contract for a refinery project from Oman Oil Refineries and Petroleum Industries Company (ORPIC).

The three-year contract includes engineering, procurement, construction, start-up and commissioning services at a refinery in the Sohar Industrial Area, 230 kilometres northwest of Muscat, Petrofac said on Monday.

The deal includes improvements at the existing facility and the addition of new refining units, it said.

Shares in Petrofac, which fell more than 15 per cent last week after it gave a cautious two-year outlook, were up 2.3 per cent at 1,218 pence at 0901 GMT, outperforming a 0.5 per cent rise in the FTSE 100 index.