Saipem Awarded $1.57 bln Contract for Al-Zour Refinery

Source: Reuters 8/12/2015, Location: Middle East

Kuwait has awarded a new $1.57 billion contract for work on its planned al-Zour oil refinery to a consortium made up of Italy's Saipem and another firm, state news agency KUNA reported.

The 45-month contract, valued at 475.32 million dinars ($1.57 billion), was the lowest offer submitted in the tender, Khalid al-Asousi, spokesman of state-run Kuwait National Petroleum Co (KNPC) said in a statement, according to KUNA.

Last month, KNPC awarded 3.48 billion dinars ($11.5 billion) in contracts to build the planned 615,000 barrel-per-day refinery.

That included a 454-million-dinar contract for a consortium comprising Saipem, Hyundai Engineering and Construction , and SK Engineering and Construction to build a marine export terminal.

The signing of all contracts is expected to take place in early October, Asousi said.


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