South Korea's Hyundai Heavy Industries said it had signed Wednesday a $1.94 billion deal to build offshore oil and gas processing platforms in the United Arab Emirates
South Korea's Hyundai Heavy Industries said it had signed Wednesday a $1.94 billion deal to build offshore oil and gas processing platforms in the United Arab Emirates © David Mcnew - Getty/AFP/File
South Korea's Hyundai Heavy Industries said it had signed Wednesday a $1.94 billion deal to build offshore oil and gas processing platforms in the United Arab Emirates
AFP
Last updated: November 12, 2014

Hyundai wins $1.94 billion offshore platform deal in UAE

South Korea's Hyundai Heavy Industries said it had signed Wednesday a $1.94 billion deal to build offshore oil and gas processing platforms in the United Arab Emirates.

Under the deal with Abu Dhabi Marine Operating Co. -- a subsidiary of the Abu Dhabi National Oil Co.-- the world's top shipbuilder will build four giant platforms and underwater power cables as part of a new offshore oil and gas production complex.

The project, called Nasr Full Field Development Project, is under construction at a location 130 kilometres (80 miles) northwest of Abu Dhabi.

The project, to be completed by the end of 2019, will triple the area's oil production to 65,000 barrels a day from the current 22,000 barrels, Hyundai said.

blog comments powered by Disqus
Stay Connected
twitter icon Twitter 13,558 linkedin icon LinkedIn 463
facebook icon Facebook 87,173 google+ icon Google+ 272