Consortium to save Kuwait's struggling refineries revealed
Samsung Engineering said on Wednesday it had won a $3.8 billion contract from Kuwait National Petroleum Company (KNPC) to build the Mina Abdullah I refinery of Clean Fuels Project (CFP).
The Mina Abdullah I refinery package will be executed by a consortium of Samsung Engineering (43 per cent), UK’s Petrofac(47 per cent) and CB&I Netherland B.V.(10 per cent), said a statement from the South Korean builder.
Samsung Engineering said it will be responsible for engineering, procurement, construction and pre-commissioning on a lump-sum turnkey basis.
The Kuwait CFP project to come up in the Mina Abdullah province, about 30 miles southeast of Kuwait City, is worth $12 billion and includes the Mina Abdullah I&II and Mina al-Ahmadi refineries.
Commenting on the win, Samsung Engineering's CEO Park Choong-Heum said: “We are determined to show our expertise by executing this project successfully and we are pleased to take part in the national project, thereby contributing to Kuwait’s economy.”
US and Japanese-led consortiums were approved to build Mina Abdullah II and Mina al-Ahmadi packages, respectively. The entire refinery development project will increase its capacity to 800,000 barrels per stream day (bpsd) from the current 736,000 bpsdز
- Microsoft exec: Lebanon needs wider broadband
- One more reason to hate it: feelings of envy on Facebook lead to depression
- A healthy innovation: how Apple's new healthcare app is slowly taking over hospitals
- As Europe shuts its doors to its technology, Israel 'takes flight' to Asia
- A Brotherhood/Al-Jazeera-driven phobia: a new Qatari-funded TV channel in Egypt is sparking major controversy