The Kuwait National Petroleum Company (KNPC) has signed contracts worth USD 13.2 billion to build a new refinery.
According to the company’s announcement on Tuesday, the contracts have been signed with international firms in order to build the new refinery, which is expected to be the country’s largest development project, AFP reported.
The deal comes as Kuwait, a major oil producing country, is planning to take steps to modernize its energy facilities and boost its oil refining capacity.
The al-Zour refinery, which will be located near the country’s border with Saudi Arabia, is slated to produce 615,000 barrels per day (bpd) of crude oil.
According to Mohammad al-Mutairi, KNPC’s CEO, the new plant is scheduled to come onstream in November 2019.
Spain's Tecnicas Reunidas, China's Sinopec, South Korea's Hyundai, SK, Daewoo and Hanwha, Britain-based Fluor, Italy's Saipem and India's Essar have been announced as the 10 foreign companies involved in the implementation of the project.
The refinery will be built in five packages, with the first valued at 1.28 billion dinars awarded to Technicas, Hanwha Engineering & Construction Corp. and China Petroleum & Chemical Corp., known as Sinopec, Khaled Al-Awadhi, KNPC project manager, said at the signing ceremony. The second and third packages at a combined value of 1.75 billion dinars were awarded to Fluor Corp., Daewoo and Hyundai Heavy Industries Co., he said. The fourth package valued at 475 million dinars was given to Saipem SpA and India's Essar Oil Ltd., and the fifth package of 454 million dinars to Hyundai Engineering & Construction Co., Saipem and SK Holdings Co. Ltd, he said.
Kuwait is currently producing 2.8 million barrels per day of crude oil.
According to the company’s announcement on Tuesday, the contracts have been signed with international firms in order to build the new refinery, which is expected to be the country’s largest development project, AFP reported.
The deal comes as Kuwait, a major oil producing country, is planning to take steps to modernize its energy facilities and boost its oil refining capacity.
The al-Zour refinery, which will be located near the country’s border with Saudi Arabia, is slated to produce 615,000 barrels per day (bpd) of crude oil.
According to Mohammad al-Mutairi, KNPC’s CEO, the new plant is scheduled to come onstream in November 2019.
Spain's Tecnicas Reunidas, China's Sinopec, South Korea's Hyundai, SK, Daewoo and Hanwha, Britain-based Fluor, Italy's Saipem and India's Essar have been announced as the 10 foreign companies involved in the implementation of the project.
The refinery will be built in five packages, with the first valued at 1.28 billion dinars awarded to Technicas, Hanwha Engineering & Construction Corp. and China Petroleum & Chemical Corp., known as Sinopec, Khaled Al-Awadhi, KNPC project manager, said at the signing ceremony. The second and third packages at a combined value of 1.75 billion dinars were awarded to Fluor Corp., Daewoo and Hyundai Heavy Industries Co., he said. The fourth package valued at 475 million dinars was given to Saipem SpA and India's Essar Oil Ltd., and the fifth package of 454 million dinars to Hyundai Engineering & Construction Co., Saipem and SK Holdings Co. Ltd, he said.
Kuwait is currently producing 2.8 million barrels per day of crude oil.
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