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FINANCIAL NEWS
Kuwait’s KNPC awards contracts to Foster Wheeler, Amec
27 Oct 2012
(MENAFN) US Foster Wheeler and UK Amec have won consultancy contracts from Kuwait National Petroleum Company (KNPC) for two oil mega projects, state news agency KUNA reported.
Mohammad Al-Ajmi, KNPC spokesman, said the value of the Amec contract was USD528 million while the Foster Wheeler contract was worth USD502 million. Both projects are expected to be completed by 2018, he added.
When the two projects are completed, each with an estimated cost around USD15 billion, the Shuaiba refinery will be decommissioned, according to KUNA.
The projects are aimed to boost Kuwait’s refining capacity to 1.4 million bpd from the current 930,000 bpd.
Amec was awarded the consultancy contract for building a new 615,000 barrels per day refinery, KNPC said.
As for Foster Wheeler, it was appointed as consultant for a clean fuel project, under which two of Kuwait’s three existing refineries at Al-Ahmadi and Mina Abdullah will be upgraded, the company added.
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