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Korean consortium investing in Russian refinery

South Korea’s Samsung Corp and LG Engineering & Construction Corp are to cooperate on a project to rebuild an oil refinery in the Russian city of Khabarovsk. The two Korean giants have signed an implementation agreement with Russia’s Alliance Group to work on the project.

Korean consortium investing in Russian refinery

In a statement Samsung said, “The project will be worth US$500 million if the talks proceed well. The order is on a turn-key basis encompassing engineering, procurement and construction.”

“A final contract is expected to be signed early next year after negotiations over the terms of the deal,” it added.

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