Kuwait to reconsider oil projects worth $30b

16 Feb 2010

(MENAFN) The Chief Executive Officer at Kuwait Petroleum Corp. said that the country’s Supreme Petroleum Council is planning to re-examine two key oil projects soon, after political disputes stalled the ventures estimated to cost about $30 billion, Reuters reported.

The projects include building a 615,000-barrels per day refinery for an estimated $15 billion, and upgrading two of three existing refineries at the cost of another $15 billion.

The two projects have been stalled for years as a result of political disputes between the government and the outspoken parliament.

The government scrapped the new refinery project about a year ago, months after awarding contracts to four South Korean companies, a Japanese firm and US giant Fluor.

MPs have opposed the project, citing flawed procedures in awarding the contracts, because it did not go through the state-run Central Tenders Committee to ensure transparency.

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