In an impressive turn last year, South Korean contractors achieved a five-year high in regional oil, gas and petrochemical Engineering, Procurement, and Construction (EPC) in the Gulf region. This substantial surge was heavily influenced by major project wins in Saudi Arabia, setting the pace for a strong trajectory in the sector moving forward.
1. South Korean contractors reached a five-year high in the oil, gas and petrochemical EPC in the Gulf region last year.
2. This surge in success was largely due to major project wins in Saudi Arabia.
3. South Korean firms have further utilized their skills in engineering, procurement, and construction (EPC) to secure more profitable contracts in Saudi Arabia.
4. These connections with Saudi Arabian entities have not only benefited South Korean contractors but also improved Saudi Arabia's energy infrastructure.
5. The trend indicates a beneficial relationship between South Korean companies and Saudi Arabia, with potential for continued growth in the sector.
In 2020, South Korean contractors secured over $13.6 billion worth of deals in the oil, gas, and petrochemical Engineering, Procurement, and Construction (EPC) sector in regions around the Gulf, marking a five-year record.
Building on this success, South Korean firms have continued to leverage their expertise in engineering, procurement, and construction (EPC) to secure lucrative contracts in Saudi Arabia. This has greatly contributed to the reclamation of a dominant market share in the Middle East's oil and gas sectors. The collaborations and partnerships formed with Saudi Arabian entities over the past years have not only proved beneficial for the South Korean contractors, but have also helped enhance the energy infrastructure of the Kingdom. This trend reflects a mutualistic relationship that shows promising potential for continued sector growth.