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FINANCIAL NEWS
Britain’s Petrofac wins USD700m agreement with Kuwait
11 Jul 2014
(MENAFN) British oil and gas services group Petrofac Ltd. has recently signed a USD700 million deal with Kuwait Oil Co. for a gathering center located north of Kuwait City, according to Arab News.
The project includes engineering, procurement, construction, pre-commissioning and commissioning of GC29, and is expected to be completed in 2017.
The company said that the gathering center will produce about 100,000 barrels of oil per day, along with water and gas.
Investec analyst Neill Morton said: “Petrofac had indicated in mid-May that it expected to win by June/July, 2-3 contract awards with a combined value of $2.5-$3 billion. So, even if the market didn’t know the specific contracts, it was expecting news on these awards.”
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