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SHI wins huge plant order from Iran

KOREA ECONOMIC WEEKLY August 5, 1999 - Samsung Heavy Ind. (SHI) has been awarded a $200 million order to construct an offshore gas production plant for the National Iranian Oil Company (NIOC), the Korean company announced on July 20.

With daily production capacity of 1 billion cubic meters of natural gas and 40,000 barrels of crude oil, the plant will be used in developing the world's largest gas field located some 100 kilometers off Iran's southern coast in the Persian Gulf.

Built of 15,000 tons of steel, the production plant's main facilities will be built in SHI's Koje shipyard in South Kyongsang province, for installation on site by 2001.

Advanced telecommunications facilities for use of satellite links between the giant marine plant and onshore sites will be included in the construction.

Considering Iran's relatively high country risk, SHI has concluded a three party contract, under which the Korean company will receive the payment not directly from NIOC but from the Banc Agricol of France.

By winning the first stage of the gigantic 15-phase energy development project, Samsung Heavy Industries expects to win more plant construction orders from the Iranian state-run company, which reportedly will invest a total exceeding $10 billion for gas/oil development in the area.


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