Daelim Industrial wins $130mn deal to build oil refining plant in Malaysia

2019.02.22 14:43:38 | 2019.02.22 15:40:32

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South Korea’s construction and chemical company Daelim Industrial Co. has received $132 million worth order to construct an oil refining plant from Petron Malaysia, the company announced Friday.

Under the contract, the Korean engineering company will build a new diesel processing facility in the oil refining plant in Port Dickson, about 60 kilometers away from the capital city of Malaysia Kuala Lumpur. The facility will be capable of producing 35,000 barrels of diesel fuel a day.

Daelim Industrial, under turnkey basis contract, is responsible for the entire processes ranging from engineering and procurement to construction. It has already begun designing the facility in August last year. The construction will be completed by the latter half of 2020.

The Malaysian oil company has so far awarded 10 orders including the latest deal for oil refining and petrochemical plants to Daelim Industrial in recognition for its outstanding technical skills and project performance, the Korean company said.

Daelim Industrial announced in a regulatory filing last month that it recorded its largest-ever operating profit of 852.5 billion won ($757.2 million) last year and received 8.78 trillion won worth orders, exceeding its target of 7 trillion won. Sales amounted to 10.98 trillion won.

Shares of Daelim Industrial finished Friday up 0.31 percent at 97,500 won.

By Lee Ji-yong and Choi Mira

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