* Orders part of $12 billion in bids approved by Kuwait in
* Daewoo E&C says it will get $1.13 bln from order
* Samsung Engineering, GS Engineering disclose separate
(Combines with details from Samsung Engineering, GS
Engineering, SK Engineering, background)
SEOUL, April 14 Five South Korean companies have
won a combined $7.2 billion in orders from Kuwait National
Petroleum Company to expand capacity and improve environmental
standards at two oil refineries.
The contracts, which stem from $12 billion in bids approved
in February for the state-run company's Clean Fuels Project,
highlight efforts by South Korean builders to shore up margins
via joint bids with other local or foreign firms for major
overseas construction projects.
Korean companies are increasingly forming consortiums with
established overseas companies and that is helping them to win
better value contracts, said Yun Sok-mo, an analyst at Samsung
Overseas plant orders won by South Korean builders during
the first quarter rose by 42.1 percent from a year ago,
according to the Ministry of Trade, Industry and Energy in a
report earlier this month.
The ministry said prospects for further growth in overseas
orders looked good given expectations for continued global
economic recovery and growing demand for energy-related work.
Daewoo Engineering & Construction Co Ltd said in
statement on Monday that it won an order for the Mina Abdullah
refinery in Kuwait as part of a joint venture with Hyundai Heavy
Industries Co Ltd and Fluor Corp.
The order is worth $1.13 billion each for the three
companies, according to Daewoo.
Samsung Engineering Co Ltd, in a regulatory
filing on Monday, said it got a separate $1.62 billion order for
the Mina Abdullah refinery as part of a joint venture with
Petrofac Ltd and Chicago Bridge & Iron Company NV
GS Engineering & Construction Corp and unlisted
SK Engineering & Construction Co Ltd also said they
got an order for refinery work in Kuwait as part of a joint
venture with Japan's JGC Corp.
The third order, for the Mina Al-Ahmadi refinery, is worth
around $1.66 billion for each of the three companies, according
to GS Engineering and SK Engineering.
(Reporting by Hyunjoo Jin and Se Young Lee; Editing by Tom