Takreer, leading Abu Dhabi-based Oil Refining Company, has placed two contracts of USD 5.2 billion to two South Korean conglomerates for intensifying oil refining capacity at the Ruwais refinery.

The two South Korean conglomerates that have secured the orders are GS Engineering and Construction Corporation and SK Engineering and Construction Company.

Takreer, is an arm of Abu Dhabi government-controlled Abu Dhabi National Oil Company (Adnoc).

With these contracts, the price of contracts placed by diverse entities under the Adnoc Group of Companies in the last few days has surged to approximately USD 15.5 billion, strengthening the continued role of the oil-based industries as UAE’s largest economic driver.

The UAE is third-major oil exporter around the globe, with Abu Dhabi owns 90% of the country’s oil reserves.

As per reports of media, recently, UAE in general and Abu Dhabi in particular have been making huge investments for expanding its economy away from oil.

Recently, Abu Dhabi Gas Industries Limited has inked four landmark contracts of USD 9 billion for its Integrated Gas Development project.