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FINANCIAL NEWS
Turkish STFA wins USD487m contract for Kuwait ports
29 Jan 2013
(MENAFN) Turkish conglomerate STFA has won a USD487 million contract from Kuwait Oil Company (KOC) for two ports projects, the official news agency KUNA reported.
The group will construct a small port and expand an existing one at Ahmadi refinery in the Gulf state.
Ahmed Rashid, the deputy managing director of KOC said that the port used to transport oil from the Ahmadi refinery will double its capacity after STFA finishes the job.
STFA will also work on a new port to hold 70 boats used to support oil tanker shipments.
Kuwait is planning to increase crude oil output by 1 million barrels per day (bpd) by 2020 from current output of 3 million bpd.
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