12th Feb 2014 10:26
LONDON (Alliance News) - Petrofac Ltd Wednesday said it has received an award notification for Kuwait National Petroleum Co's Clean Fuels Project at the Mina Abdulla refinery in Kuwait.
The major oil and gas services company said the award was given to its joint venture with Samsung Engineering Co Ltd and CB&I Nederland BV, and is worth USD3.7 billion, with Petrofac's share being USD1.7 billion.
Petrofac said the deal is for engineering, procurement and construction, including the provision of 19 new refining units at Mina Abdulla, revamping of five existing units at the Shouaiba refinery site and the accompanying inter-refinery transfer lines.
The Clean Fuels Project is one of KNPC's major investment priorities and plans to upgrade the Mina Abdulla and Mina Al Ahmadi refineries, in order to reach a daily production target of around 800,000 barrels of oil per day.
This is the second major contract to be awarded to Petrofac in recent months, after the company was awarded the USD2.1 billion Sohar Refinery improvement project in Oman in November 2013.
Petrofac shares were up 1.0% to 1,274.00 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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