Samsung Engineering wins $650m plant deal from Saudi Arabia

This image, provided by Samsung Engineering Co., shows the location of a petrochemical project at Jubail Industrial City II on Saudi Arabia's eastern coast. (Samsung Engineering Co.)

Samsung Engineering Co., a plant construction unit of Samsung Group, said Wednesday it has clinched a $650 million deal to build a petrochemical plant in Saudi Arabia.

Under the deal with Advanced Global Investment Co., a subsidiary of Saudi Arabia's Advanced Petrochemical Co., Samsung Engineering will build a propane dehydrogenation plant and utilities and offsites at Jubail Industrial City II on Saudi Arabia's eastern coast.

The plant, which is set to be completed in 2024, will produce 840,000 tons of propylene annually. (Yonhap)