Gulf Oil and Gas accountACCOUNT

GS, DAEWOO WIN US$600 MLN REFINERY ORDER FROM QATAR

Source: www.gulfoilandgas.com 4/18/2005, Location: Middle East

A consortium of South Korea's GS Engineering & Construction Corp. (KSE:006360) and Daewoo Engineering & Construction Co. (KSE:047040) has received a US$600 million order for a gas refinery plant from a Qatari refiner, company officials said Monday. The consortium said it will build the gas condensate production facility for Laffan Refinery Co. in northern Qatar by 2008.

When completed, the plant is expected to produce 146,000 barrels of gas condensate, a liquid by product of natural gas, a year.

GS with a 62-percent stake in the consortium, will be responsible for design, procurement and test-running operations, while Daewoo will build the plant.

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