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FINANCIAL NEWS
Kuwait’s KNPC awards USD500m contract to Foster Weeler
20 Dec 2012
(MENAFN) Swiss engineering firm Foster Wheeler has won a USD500 million contract with Kuwait National Petroleum Company to manage and service a clean fuels project at two refineries in the Gulf Arab state, Reuters reported.
The contracts include the Mina al-Ahmadi and Mina Abdullah refineries. Foster Wheeler said it expects the project to be completed in the second quarter of 2018.
KNPC says the upgrade work will increase the refineries daily output by 264,000 barrels to 800,000 barrels.
The Swiss company said the project aims to increase the conversion of fuel oil into higher-value products. Demand for these products is expected to grow due to tighter specifications for transport fuel.
Kuwait plans to spend a total of USD16.4 billion on the clean fuels project to upgrade and boost capacity at the refineries, as part of a four-year development plan announced in 2010.
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