[Asia Economy Reporter Hyunseok Yoo] Sewon ENC announced on the 5th that it has signed an additional supply contract worth 5.2 million USD (approximately 6 billion KRW) for petrochemical plant equipment with RDMP BALIKPAPAN JO (Joint Operation).
Under this contract, Sewon ENC will additionally manufacture and supply key equipment such as columns (tower-type petrochemical process equipment) and vessels for the Balikpapan refinery upgrading project in Indonesia, commissioned by the Indonesian state-owned oil company PT Pertamina.
The client, Pertamina, is a state-owned oil and gas corporation wholly owned by the Indonesian government. It holds development rights for crude oil and natural gas within Indonesia and operates refining facilities that process 90% of the oil produced in Indonesia. Pertamina has established the Refinery Development Master Plan (RDMP), investing a total of 30 billion USD by 2026 to modernize and build new refining facilities.
The Balikpapan refinery upgrading project, for which Sewon ENC signed the supply contract, is the first project under the Indonesian Refinery Development Master Plan (RDMP). It is a large-scale project to upgrade existing refining facilities and construct equipment to meet the EURO V standard.
Hamanbong, Head of Sewon ENC’s Petrochemical Business Division, stated, “Including this project, we have secured orders worth a total of 16.904 million USD (approximately 19.9 billion KRW) over the past three years for the same project in Indonesia. This reflects our customers’ strong trust in Sewon ENC’s technology, which has been further solidified through years of project execution in terms of quality and delivery.”
He added, “Through the successful execution of this project, we expect to secure a favorable position for additional orders on numerous projects that our clients will pursue in the petrochemical plant market of Indonesia, the largest oil-producing country in ASEAN.”
Meanwhile, Sewon ENC is strategically responding to multiple major project bids, including LNG projects currently under bidding and projects postponed due to the COVID-19 impact, focusing its capabilities on expanding high-quality new orders.
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