Samsung Heavy Industries Co, a South Korean shipbuilder, said that it has received a letter of agreement to build an offshore facility for around USD 2.26 billion.

Under the agreement with Inpex Corporation of Japan, Samsung Heavy will construct the offshore gas processing facility by the end of 2015. Both sides will officially sign the deal this month.

An official at Samsung Heavy said that "The value of the order is expected to reach up to KRW 3 trillion when a deal to build related facilities is taken into consideration."

Samsung Heavy claimed that the facility, 110 meters wide and high, is expected to be the world's largest offshore plant once it is built.

French super major Total and Inpex are working on a USD 34 billion liquefied natural gas project in Australia.

Samsung Heavy aims to win orders totaling USD 12.5 billion in 2012. In 2011, the shipbuilder received USD 15 billion worth of orders.

(Sourced from www.yonhapnews.co.kr)