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FINANCIAL NEWS
KOTC to construct $190m gas plant with Hanhwa
02 Sep 2010
(MENAFN) A statement issued by the Chairman and Managing Director of the Kuwait Oil Tanker Company (KOTC), Nabeel Burisli said that the company has signed a $190 million contract with Hanhwa, a South Korean company, to found a liquefied gas plant in northern Kuwait, Arabian Business reported.
He added that the plant is going to provide energy needs in the northern region and also projects like Madinat Al-Hareer which is a proposed 250 square kilometers city in Subiya.
The plant, which is going to supply 15 million cylinders of gas every year, is to be set in Um Al-Aish area in northern Kuwait. The plant will be built over an area of 150,000 square meters and will serve the local market until 2030.
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