Abu Dhabi National Oil Company (ADNOC) on Monday said its wholly owned subsidiary ADNOC Refining has signed two contracts with Samsung Engineering Co., worth more than $3.5 billion.
The contracts include the award of a $3.1 billion project to introduce crude oil processing flexibility, and the award of a $473 million project to recover power and water.
Both contracts are for the ADNOC-owned Ruwais oil refinery.
The first project is scheduled to be completed by the end of 2022, and it will enable ADNOC’s Ruwais Refinery-West complex to process up to 420,000 bpd of Upper Zakum crude, or similar crude types from the market.
This will allow ADNOC to extract greater value from its crude resources by liberating Murban crude, which commands a higher price in global oil markets, the firm said in a statement.
The second contract is for a new waste heat recovery project, and is scheduled for completion by the end of 2023.
The project will generate an additional 230 MW of electricity for sale and 62,400 cubic meters water daily by capturing waste heat, which is currently vented into the atmosphere, by upgrading four giant gas turbines with closed-cycle power generation technology.
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