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FINANCIAL NEWS
GS Engineering wins $620m contract in UAE
02 Sep 2010
(MENAFN) South Korea�s GS Engineering & Construction Co has picked up a $620 million oil pipeline contract in the UAE, Reuters reported.
The client is Takreer, a subsidiary of Abu Dhabi National Oil Company (ADNOC). GS will build the 910 kilometers pipeline by 2014, the company said in a statement.
The Seoul-based firm is no stranger to the UAE; in November last year, it picked up a $3.11 billion EPC contract to work on the Ruwais Refinery Expansion Project.
In 2009, GS recorded $6.61 billion in revenues, a 19 percent increase on the previous year. Profits rose by 7.5 percent and orders rose by 5.15 percent.
The company said that orders are expected to rise this year by 9.8 percent to $1.18 billion.
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