Overseas Project Whole-process Risk Management Research

With the implementation of China Government’s "Go Global" strategy and impact of the more and more competitive construction markets in China, many China engineering companies engaged projects in foreign countries and the quantities are keeping growing. But due to the unfamiliar political and economic environment, international standards, technical specifications and project management procedures, these engineering companies encountered more risks and challenges. Hence it’s meaningful to do research on risk management for overseas project.China A Engineering Company was awarded Saudi PK Power Expansion Project as its first EPC project in Saudi Arabia to develop its overseas markets. During this project execution, many unforeseen factors such as SABIC Engineering Standard, Euro Engineering Standard and America Engineering Standard, single source of main equipment, strict project management procedure and construction in operation plants caused the execution of this project very difficult. This paper based on Whole-Process Project Risk Management theory and methods, took Saudi PK Power Expansion Project as example to make research on project risk management, especially for risk management of the first project executed by China Engineering Company. The paper finally pointed out suggestions for international project risk management based on experience of Saudi PK Power Expansion Project.