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SK Engineering & Construction Awarded USD 624 Million Kuwait Oil Company Construction Project Contract

Assignment Requires Design and Reconstruction of Crude-Oil Gathering Center Damaged During Gulf War.

Korean Company Has Been Awarded $3.2 Billion Worth of Projects in Kuwait over the Past Decade

Seoul, March 27, 2007 - SK Engineering & Construction Co., Ltd. (SK E&C) announced today that it is the sole recipient of a USD 624 million project with KOCKOC (Kuwait Oil CompanyKuwait Oil Company), a state-owned oil enterprise of Kuwait. SK E&C prevailed in the bidding competition among six international companies. The project will involve the design and reconstruction of a crude-oil gathering center damaged during the Gulf War of 1990-1991.

Activities involved in this turnkey project, which will be located 50 kilometers north of Kuwait City in the Sabriyah field, include the design, procurements, engineering, and reconstruction of GC-24 (Gathering Center). Upon completion - anticipated in 42 months - GC-24 is expected to produce 165,000 barrels of crude oil per day.

"This deal not only illustrates SK E&C's reputation as a leader in plant construction, but also the company's growing stature as a preferred major construction partner for global industry players ," said Mr. Yoo Woong Suk, President and CEO of SK E&C. He also said, "SK E&C will continue to pursue the major construction opportunities that deliver strong returns to shareholders and that enhance the company's position as a top-tier, global engineering and construction company."

Over the past ten years SK E&C has been awarded nine major construction projects in Kuwait (including this current one) - the contracts of which have an approximate total value of USD 3.2 billion. The company's expertise and experience in the engineering and construction field are widely recognized in 16 different countries around the world, including the Middle East, Mexico, and Indonesia where it holds or previously held business projects.

Gathering Center:

A gathering center is a facility which stores crude oil and gas generated from well heads scattered near the facility. Once black oil is produced from the well heads, it gets collected in the gathering center and then it is separated to crude oil and gas with moisture and salt extracted. After this process, the oil and gas are sent to storage facilities.

SK Engineering and Construction

Korea-based SK E&C has achieved excellence in housing, building construction, civil engineering and plant works since 1977. The company's competitive advantage lies in the development of cutting-edge engineering methods, highly advanced systems and an accumulation of experience and expertise in Korea and abroad.

SK E&C has earned global recognition for its ability to build world-class petrochemical plants, industrial plants, nuclear-power plants and chemical- power plants. With a track record in 16 countries, SK E&C is currently exploring new overseas markets in the Middle East, Thailand, China, Indonesia, Vietnam and Laos.

Contacts at SK
Kweon Su Kim
Manager of PR Team
SK Engineering & Construction
Tel. (82)2 3700-7042
Mobile (82)2 11-230-8957

Katharine Junghae Kho
Head of Global PR Team
SK Group
Tel. (82)2 2121-5449
Mobile. (82)11-9122-8343
Email. .



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