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FINANCIAL NEWS
Kuwait Oil awards $170m contract with ABB
22 May 2010
(MENAFN) State-owned Kuwait Oil Company (KOC) said it has signed a contract worth $170 million with an Italian company for laying down a crude oil pipeline, Reuters reported.
That was part of the company’s plan to inject $17.5 billion to $24.5 billion into oil and gas facilities in the next five years. The official KUNA news agency said the Italian company ABB Italia will build a crude pipeline from northern Kuwait to the central mixing unit and the northern reservoirs.
The pipeline will be able to transport 315,000 barrels of oil per day, and is vital to the company’s plan to hike its output in the northern fields, the KOC said.
KOC was established in 1934 and taken over by the government in 1975 to become a subsidiary of the Kuwait Petroleum Corporation, an umbrella entity for the Gulf Arab emirate’s oil industry.
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