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GS E&C wins $1.03b order from Turkey

By Korea Herald

Published : May 21, 2013 - 20:03

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GS Engineering & Construction Corp., South Korea’s fourth-largest builder, said Tuesday that it has won a $1.03 billion order to build an oil refinery plant in Turkey.

The deal is part of a $3.45 billion deal that was signed between Star Refining Inc. and a consortium led by TR, Spain’s leading engineering company, on Monday. The consortium also includes Italian oil service group Saipem and Japan’s Itochu Corp.

Star Refining is a joint venture between the State Oil Company of Azerbaijan Republic and Turkish fuel retailer Turcas Petroleum AS.

GS E&C said the plant to be built in Izmir, 610 kilometers south of Istanbul, will be able to refine 210,000 barrels of crude oil per day.

It said it is scheduled to complete the project in 51 months after work begins. (Yonhap News)

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