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HHI Wins Crude Oil Export Facilities Project In The State of Kuwait

Source: www.gulfoilandgas.com 9/5/2005, Location: Middle East

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Hyundai Heavy Industries Co., Ltd. (HHI) received a Letter of Intent from Kuwait Oil Company (KOC) recently for the engineering, procurement, construction (EPC) and commissioning contract for onshore and offshore works of the Crude Oil Export Facilities worth US$1.25 billion. By achieving crude oil production capability of 3 million barrels per day, the Crude Oil Export Facilities Project as one of the largest contract in the oil sector of the State of Kuwait as well as the Gulf area, is to install new storage tanks operating capacity of 11.4 million barrels, gravity lines, metering systems, offshore pipelines, CALM buoys, and upgrade and modify existing CALM buoys, etc.

The Crude Oil Export Facilities Project will extremely enhance the Kuwait oil exporting capability as one of major oil exporting countries.

It is worthwhile to mention that HHI secured the order through a fierce competition from a consortium led by Spanish and Italian Companies. HHI expect the contract to be signed around the beginning of October 2005 and will perform the onshore and offshore elements utilizing its own capabilities and its sub-contractors. The Crude Oil Export Facilities Project is scheduled for the completion by July of 2008.

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