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FINANCIAL NEWS
Kuwait Oil to build $309m facility
19 Oct 2010
(MENAFN) The Managing Director of Kuwait Oil Co. (KOC) said that the company has signed a $309 million deal with Saudi Arabia’s Al-Khareef Group to establish the gathering center No. 16 in western Kuwait, Kuna reported.
He pointed out that the planned center is projected to put out 100,000 barrels of crude and 240,000 of surplus water per day, in addition to 75 million cubic feet (cf) of high-pressure gas and 41 million cf of low-pressure gas.
He affirmed necessity of the project to maintain the productivity in the western areas at half a million bpd.
The chairman also underscored necessity of finalizing the project as scheduled because of its linkage to the realization of the 2030 strategy, aimed at putting out up to four million bpd.
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