Korean consortium wins $2.93B bid to build Kuwaiti LNG import terminal
The new facility will be able to process three billion cu m of gas every day. (Shutterstock)
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A consortium led by Korean group Hyundai Engineering has won a 3.6 trillion won ($2.93 billion) contract from the state-owned Kuwait National Petroleum Company to build a liquefied natural gas (LNG) import terminal at Al-Zour, 90 km south of Kuwait City, said a report.
As per the deal, the consortium, which also includes Hyundai E&C and the government-run Korea Gas Corporation, will construct a re-gasification facility, which can process three billion cu m of gas every day, and eight 225,000-cubic-meters LNG storage tanks along with docking facilities near Al-Zour area, reported the Korea Times.
Of the contract value, the Korean construction giant Hyundai Engineering & Construction (E&C) will account for 1.85 trillion won, while Hyundai Engineering and the Korea Gas takes share of 1.7 trillion won and 20 billion won, respectively, the report said citing a Hyundai E&C official.
Hyundai Motor's another affiliate Hyundai Engineering is expected to be in charge of the construction of the re-gasification facility while Hyundai E&C will build the eight tanks and docking facilities, stated the report.
Trial operation and education over the facilities will be led by the Korea Gas Corp, it stated.
The construction period is expected to be 58 months and is likely to be completed by 2020, said the report.
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