Petrofac-led group scores Kuwait contract
A JOINT venture led by FTSE 100-listed Petrofac yesterday said it has been awarded a $3.7bn (£2.2bn) oil refinery contract in Kuwait.
The oil and gas services provider, along with Korea’s Samsung and Netherland’s CB&I, will provide engineering, procurement and construction work for Kuwait National Petroleum Company (KNPC)’s clean fuels project at a refinery in Kuwait.
Petrofac’s share of the four-year contract will be $1.7bn.
The clean fuels project is one of KNPC’s major investment projects to upgrade two of its refineries, in order to reach a daily production target of around 800,000 barrels of oil per day.
This is the second large refinery project in the Gulf to be awarded to Petrofac in recent months, following a $2.1bn deal in Oman.
“This will be our ninth project in Kuwait and I am delighted we have secured the opportunity to work with KNPC, who is a new customer for us,” said Subramanian Sarma, managing director of Petrofac’s onshore engineering and construction business. “Along with our partners, Samsung and CB&I, I look forward to strengthening the relationship with KNPC as we deliver the project.”