March 02, 1999 in Social Responsibility News

SAMSUNG Corporation Wins Ghana's 185Million Dollar Residue Fluid Catalytic Cracking Unit Project

Samsung Corporation has signed a contract for Ghana's 185 million dollar resid fluid catalytic cracking unit(RFCC) plant project on the 26th of Feb, at the Hotel Shilla attended by Vice-Chairman Mr. Myung-Kwan Hyun, Ghana's Minister of Energy Mr. Fred Ohene-Kena, Ghana's President for the Tema Oil Refinery(TOR) Co., Mr. Parker, and Vice President Mr. Seok Woo Jung of SK Engineering & Construction.
This project is another triumph for our company following the U$60 million oil plant modernization project in Ghana in 1995. Our company is project organizer and financier while SK Engineering & Construction is constructor of the project.

Construction is scheduled to start from March and operation of the plant will start from 2002. This plant is a high-technology required project which re-adjusts the cheap Residue fluid coming out of the refined base oil making it into high-valued Gasoline, Diesel, and LPG. Also, as this project will be on a turn-key base covering construction lay-out, purchase of materials and Construction, it will absorb a huge amount of foreign capital.

This project would not have been possible without the support of the Korea EX-IM bank and KEIC(Korea Export Insurance Corporation). They provided active support in this project giving it high priority in terms of penetrating new overseas markets and bringing in foreign capital, and such a support was decisive and crucial in accomplishing this order.

We hope to be able to penetrate into other Western African countries as well as into other projects in Ghana's key industries with the big boost of this project on our back.


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