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CAIRO: Qatar Energy Renewable Solution has selected South Korean Samsung C&T for its engineering, procurement and construction contract, where the company will build two photovoltaic plants holding 875 megawatts in capacity.

The 2.3 billion Qatari Riyal ($632 million) project is to be completed by 2024, whereafter it will expand Qatar Energy’s production of liquified natural gas, reported MEED.

Moreover, both plants — one located in Ras Laffan and the other in Mesaieed — will align with Qatar’s goals to reach 5,000 MW of solar power by 2035.

ADNOC receives EOI from companies

Abu Dhabi National Oil Co. has received interest from companies for the engineering, procurement and construction contract of its newest liquefied nitrogen gas export terminal project in Fujairah, reported MEED.

Firms had already submitted expressions of interest for the contract in July, whereafter they were asked to dispatch pre-qualification documents by Aug. 11.

However, ADNOC tendered another round of EOI, where it suggested that companies join as consortiums or partnerships to cover the required criteria expected for bids.

MENA moves toward petrochemical projects

Petrochemicals are on their path to becoming half of the worldwide oil consumption by 2050, reported MEED.

There has been $27.8 billion worth of chemical projects in process, in addition to another $80 billion worth of planned projects in the Middle Eastern and North African region alone.

On the other hand, oil refinery projects have been decreasing with only $44.3 billion worth of investments in oil refinery project plans. 

The MENA region continues to stray away from oil refineries and moves toward a more diversified industry which includes gas processing plants and petrochemicals.

“This growth has been underpinned by the drive to diversify the industry’s product portfolio. We estimate that investments in new derivatives facilities in the GCC will add 7.4 million tonnes of new capacity in the coming years,” said Abdulwahab Al-Sadoun, secretary-general of the Gulf Petrochemicals & Chemicals Association.