Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait signs $12 bn oil contracts, tenders others  Join our daily free Newsletter

MENAFN - AFP - 13/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - AFP) The Kuwait National Petroleum Company on Sunday signed contracts worth 12 billion (nine billion euros) with three international consortia to upgrade two refineries and invited bids to build a new multi-billion-dollar refinery.State-owned KNPC's chief Mohammed al-Mutairi signed the contracts with the three consortia led by Britain's Petrofac, US Fluor and Japan's JGC Corporation. Most of the other companies in the consortia are South Korean.Mutairi said the project is due to be completed in early 2018.The cost of the venture -- called the Clean Fuel Project -- is more than 13 billion if smaller preparatory contracts are added, lower than the previous estimated cost of 16.4 billion, project manager Abdullah al-Ajmi told AFP.The contracts, the first mega project in the OPEC member's vital oil sector for 25 years, will upgrade two of the three existing refineries by installing 37 advanced processing units that will reduce sulphur and carbon pollutants, Mutairi told reporters.The current production capacity of the two refineries of Mina Al-Ahmadi and Mina Abdullah is around 730,000 barrels per day, while the capacity of Kuwait's third refinery at Shuaiba is 200,000 bpd.At the end of the project, the capacity of the two refineries will increase to 800,000 bpd, while Kuwait plans to shut the third refinery.KNPC on Sunday began inviting bids for two of the five-package project to build a state-of-the-art refinery with a capacity of 615,000 bpd, project manager Khaled al-Awadhi told reporters. The two tenders are for marine works and storage tanks.Next month, the company will tender the three main packages for building the body of the refinery, said Awadhi, adding that KNPC hopes to award all the five contracts in the first quarter of next year.The refinery, estimated to cost around 15 billion, is slated to come onstream in between the end of 2018 and the first quarter of 2019, Awadhi said.Kuwait's refining capacity will reach over 1.4 million bpd from the current level of 930,000 bpd, when the projects are completed.Most of the production will be for export to Asian and European markets, he said.The two projects have been repeatedly delayed because of political disputes between parliament and the government.The project to build a new refinery was scrapped by the government around five years ago, after five Japanese and South Korean companies were awarded contracts.Lawmakers had opposed the plan complaining of a lack of transparency in the tendering process, but they have not raised objections to the new contracts.


 


AFP




  MENA News Headlines
 Dec 19 2014 - Iraq to defer war reparations to Kuwait for a year, says UNThe Peninsula
(MENAFN - The Peninsula)  Iraq can delay payment of a final $4.6bn in war reparations for its 1990 invasion of Kuwait because of the difficulties it faces in battling the Islamic State insurgency, ...

 Dec 19 2014 - Qatar- Leaders attend National Day paradeThe Peninsula
(MENAFN - The Peninsula)  Patriotic fervour was at its zenith as the Emir H H Sheikh Tamim bin Hamad Al Thani and the Father Emir H H Sheikh Hamad bin Khalifa Al Thani walked into the crowds and ...

 Dec 19 2014 - First Qatari reaches South Pole, hoists flag to mark National DayThe Peninsula
(MENAFN - The Peninsula)  Reach Out To Asia (ROTA) Ambassador Sheikh Mohammed bin Abdullah Al Thani became the first Qatari to reach the South Pole, where he hoisted a flag to commemorate National ...

 Dec 19 2014 - Kellogg outbids Abraaj for third time in race for Egypt's BiscoThe Peninsula
(MENAFN - The Peninsula)   Breakfast cereal maker Kellogg Co has again raised its bid for Egyptian snack maker Bisco Misr, outbidding private equity group Abraaj for the third time and snatching the ...

 Dec 19 2014 - Impossible for Saudi to reduce oil output: MinisterThe Peninsula
(MENAFN - The Peninsula)  Leading Opec producer Saudi Arabia said yesterday that competitive pressures prevent it from reducing output, and the kingdom can weather plunging oil prices.Oil Minister ...

 Dec 19 2014 - Qatar- Tower rents to face pressure on new supplyThe Peninsula
(MENAFN - The Peninsula)  Qatar's office and residential rental markets remained strong during the third quarter of 2014 (Q3, 14). Offices recorded high rates across locations, with robust demand at ...

 Dec 19 2014 - Oil resumes slide after brief rebound on short-coveringThe Peninsula
(MENAFN - The Peninsula)  Global crude prices fell again yesterday, a day after a short-covering rally, as traders placed new bets that the market would resume a six-month rout on worries about a ...

 Dec 19 2014 - Algeria, France to enhance security cooperationKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  Algerian Minister of Interior and Local Governments Tayeb Belaiz met his French counterpart Bernard Cazeneuve here on Thursday to discuss security ...

 Dec 19 2014 - Arab telecom. ministers wrap up 18th session in CairoKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  Arab Telecommunications and Information Council of Ministers on Thursday welcomed a request that the Algerian city of Constantine, 2015 Capital of Arab Culture, ...

 Dec 19 2014 - ISIL senior leadership killed in airstrikes - PentagonKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  The Pentagon revealed Thursday that "multiple senior and mid-level leaders" in ISIL have been killed by the US-led coalition's airstrikes since mid-November."We ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help