GS E&C, 310 Million CAD Project LOA Received

abarrelfullabarrelfull wrote on 04 Mar 2014 08:13

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The Black Gold oil sands project is a construction of In-situ (Steam Assisted Gravity Drainage- SAGD) process. This project is located at Alberta, Canada which is 360 km away from Edmonton and 670 km away from Conklin.

GS E&C executes whole engineering, procurement and construction. And this project will contribute to increase annual revenue by 150 billion won. Oil sand business was economically infeasible with high cost, 20 ~ 25 dollar per barrel. As oil price has recently been increased over 70 dollar per barrel, this business has value with increased demand.

Awarding the Black Gold oil sand project in Canada, GS E&C enforces its competitiveness of the oil sand field. Furthermore, it is expected that GS E&C will have the advantages for the Phase 2 oil sand project in Canada.

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