FINANCIAL NEWS

Daewoo Engineering wins $272m contract in Abu Dhabi

04 May 2010

(MENAFN) South Korea’s Daewoo Engineering & Construction Co. said that it has won an order worth $272 million to build an oil storage facility in the UAE, Yonhap reported.

The agreement with Takreer, an affiliate of Abu Dhabi Oil Refining Co., will give Daewoo Engineering exclusive rights to build the facility consisting of 16 oil storage tanks in an area near Abu Dhabi, the capital of UAE, by November 2012, as it will oversee the whole engineering, procurement, and construction process involved.

Daewoo Engineering has secured overseas deals worth $870 million so far this year, as it targets to win overseas orders totaling $4.5 billion by the end of the year, the South Korean company said in a statement.

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