Samsung Engg inks $3.8bn Kuwait refinery contract
Seoul, April 14, 2014
Samsung Engineering has officially signed a $3.8 billion contract with Kuwait National Petroleum Company (KNPC) to build the Mina Abdullah I refinery of Clean Fuels Project (CFP) about 30 miles southeast of Kuwait city.
The project is expected to reach its completion in 2018. The entire refinery development of Kuwait’s CFP will boost its capacity to 800,000 barrels per stream day (bpsd).
The signing ceremony was attended by Samsung Engineering’s CEO & President Park Choong-Heum and Kuwait’s Minister of Oil, Ali Saleh Al-Omair.
As per the deal, Samsung Engineering will be responsible for engineering, procurement, construction and pre-commissioning on a lump-sum turnkey basis to build the Mina Abdullah I CFP refinery. The EPC contract is worth $1.62 billion.
Speaking at the signing ceremony, Park Choong-Heum said: “It fills me with great pride and pleasure that we take part in such a momentous and historic project of Kuwait. Samsung Engineering will use its expertise so that we may fully contribute to Kuwait’s sustainability and economic growth."
"With our commitment to safety, we will make sure to deliver the project successfully and we hope to create a lasting business relationship with KNPC," he added.-TradeArabia News Service