SK E&C Takes over the Ecuador Oil Refinery Repair Project

abarrelfullabarrelfull wrote on 25 Sep 2013 08:28

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SK E&C announced that the company took over $76 million worth of Esmeraldas oil refinery repair project from Ecuador's state oil company, Petroecuador.

Esmeraldas oil refinery is located in Petroindustrial Industrial Complex in Esmeraldas, nothern Ecuador. The factory was built in 1977 to be able to produce 55 thousand barrels. After two extensions of facilities in 1987 and 1997, the factory was able to produce 110 barrels. However, its refining capacity has decreased because of obsolete equipments.

In order to solve this problem, Petroecuador is planning to take two-step repair processes. SK Construction will take charge in the first step to repair FCC factory and perform a thorough examination on other refinery facilities. This project is expected to complete on late October, 2011.

This project is meaningful in terms of two senses. One, that domestic company and Korean government successfully cooperated and two, that SK Construction's continuous effort to pioneer a new market has come to fruition.

Korean government officials such as Keun-ho Chang, Korean Ambassador to Ecuador, contributed their effort that led to the success of the project. The company signed to get 75% advance payment of the total construction cost, which guarantees a stable construction. Advance payment, USD 57 million, was transferred on February 18, 2009.

Even though there were lots of difficulties in receiving an order, we overcame those difficulties and received advance payment. Through the successful completion of construction work, SK Construction was able to demonstrate its outstanding construction ability, said a SK Construction's official.

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