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
 Jul 1 2015 - Kuwait MPs pass $23.2 bn deficit budget on oil slideAFP
(MENAFN - AFP) Kuwait parliament Wednesday passed the 2015/2016 state budget which projects a 7.0-billion dinar ($23.2 billion) deficit due to the sharp drop in oil prices. Forty-seven MPs voted for ...

 Jul 1 2015 - Ban Ki-Moon Appeals for Implementing Geneva Communique on SyriaQatar News Agency
(MENAFN - QNA) Secretary-General of the United Nations Ban Ki-moon has called on to put an end to the suffering of the Syrian people and to find an exit from this madness. In a statement read by a ...

 Jul 1 2015 - UN: 137,000 Flee Across Mediterranean in First Half YearQatar News Agency
(MENAFN - QNA) Some 137,000 fled across the Mediterranean to Europe in the first half of the year, nearly double the amount seen in the same period last year, the UN Refugee Agency (UNHCR) said ...

 Jul 1 2015 - Lebanese Army Kills Five Nusra Gunmen in Arsal OutskirtsQatar News Agency
(MENAFN - QNA) The Lebanese Army killed five militants in northeastern border town of Arsal, while they were attempting to sneak between Arsal and its outskirts, the Army said in a statement ...

 Jul 1 2015 - Jordan- Cooking gas cylinders' price reduced, gasoline's price unchangedJordan News Agency
(MENAFN - Jordan News Agency) Cooking gas cylinders' price will be reduced, while fuel prices will remain unchanged through the month of July, Minister of Industry, Trade and Supply, Maha Ali, ...

 Jul 1 2015 - US to Remove Ban on Security Aid to BahrainJordan News Agency
(MENAFN - Jordan News Agency) The United States lifted its ban on sending security aid to the government of Bahrain due to progress on human rights issues, US State Department spokesperson John Kirby ...

 Jul 1 2015 - Obama offers help to TunisiaJordan News Agency
(MENAFN - Jordan News Agency) US President Barack Obama offered condolences to Tunisian leader Beji Caid Essebsi Monday, after the militant attack that killed 38 people and left the future of the ...

 Jul 1 2015 - Jordan - Moderate weather forecast until FridayJordan News Agency
(MENAFN - Jordan News Agency) The weather will be moderate on Wednesday in the hilly areas, relatively hot in the Badia, and hot in the Jordan Valley and Aqaba, with northwesterly moderate ...

 Jul 1 2015 - Jordan- The Amman Stock Exchange starts trading on higher noteJordan News Agency
(MENAFN - Jordan News Agency) The Amman Stock Exchange (ASE) opened trading on Wednesday with a rise to 2117 points compared to 2115 points of last session closure, according to market sources.The ...

 Jul 1 2015 - Israeli forces move into Deir al-BalahJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation forces on Wednesday morning made an incursion into east of Deir al-Balah in the central of the Gaza Strip.Palestinian sources said that Israeli ...

more...


 






Google

Click to Apply

 
 

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