Kuwait awards work to Samsung Engineering for clean fuel project
Samsung Engineering has entered Kuwait with the KNPC clean fuels project (CFP) worth $3.8 billion, the company announced on Friday.
The deal was signed the contract at the official signing ceremony with Kuwait National Petroleum Company (KNPC). The signing ceremony was attended by Samsung Engineering CEO Park Choong-Heum and Kuwaits Minister of Oil, Mr. Ali Saleh Al-Omair.
Samsung Engineering will be responsible for engineering, procurement, construction and pre-commissioning on a lump-sum turnkey basis for the Mina Abdullah #1 refinery package located in the Mina Abdullah province, approximately 30 miles southeast of Kuwait City.
The entire package will be executed by a joint venture of Samsung Engineering (42.9%), UKs Petrofac (46.9%) and CB&I Netherland (10.2%). Samsung Engineerings contract amount is worth $1.62 billion.
The project is expected to reach its completion in 2018. The entire refinery development of Kuwaits clean fuels project will increase its capacity to 800,000 bpd.
It fills me with great pride and pleasure that we take part in such a momentous and historic project of Kuwait," said Choong-Heum. "Rest assured that Samsung Engineering will use its expertise so that we may fully contribute to Kuwaits 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."
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