Oman’s Duqm Refinery and Petrochemical Industries awarded a $2 billion contract to a 50-50 joint venture between Petrofac Ltd. and Samsung Engineering, reports Reuters.
The contract is for construction, engineering, training, procurement, and start-up services for the Duqm refinery and is to stretch over a period of 47 months, according to Nasdaq.
The facility contains over 2,000 acres. Petrofac estimates that it will be able to produce 230,000 barrels of oil per day (b/d) upon completion.
Petrofac’s stock price rose on the announcement, reports The Telegraph. The firm specializes in oilfield services and is listed on the London Stock Exchange.