Samsung Engineering Co., a leading South Korean industrial plant builder, said Friday that it has won a US$1 billion deal to build an oil development-related facility in Iraq.

Under the deal with Lukoil of Russia, Samsung Engineering will build a gas oil separation plant in Basra, Iraq by July 2014, the company said.

The plant processes crude oil, and separates gases, thus making the crude economically viable for storage, processing and export.

The plant will have a production capacity of 460,000 barrels a day, according to Samsung Engineering.

Samsung Engineering said the latest deal will help it venture into the world's fourth-largest oil reservoir.

Source Text

Source: Yonhap News (Mar. 23, 2012)