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Daewoo Engineering wins $643m order from Algeria

Daewoo Engineering & Construction Co., one of South Korea’s leading builders, said Thursday it has won a $643 million contract to build an oil complex in Algeria

Daewoo said it plans to complete oil facilities in Berkine, southeast of Algeria, by 2016 under a deal with Algerian state energy firm Sonatrach and a unit of Italian oil firm Eni.

The facilities, when completed, will be able to handle 32,000 barrels of crude oil per day, according to the builder.

The latest order came a day after Daewoo E&C posted a net profit of 50.2 billion won ($47.5 million) between July and September, up 1.4 percent from a year earlier. (Yonhap News)
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