Saipem, Koreans in $1.5bn Kuwait deal

29 July 2015,  News Wires – Italy’s Saipem and two South Korean contracting giants have shared a deal worth $1.5 billion to build a marine export terminal for Kuwait National Petroleum Company (KNPC), according to a report.

Kuwait MapThe trio – comprising Saipem, SK Engineering and Hyundai Engineering & Construction – won the contract for work at the yet-to-be-built al-Zour refinery, Kuwaiti state news agency KUNA said.

The contract is worth 454 million dinars ($1.5 billion) and is one of several contracts worth a total of 3.48 billion dinars handed out by KNPC in relation to the refinery, it said, citing a company spokesman.

A consortium of Chinese oil giant Sinopec, Spain’s Tecnicas Reunidas and South Korea’s Hanwha Engineering & Construction won the 1.28 billion dinars contract to build the main process units.

A consortium of US player Flour and South Korean duo Daewoo Engineering & Construction and Hyundai Heavy Industries landed the 1.74 billion dinars contract for support units and infrastructure services, KUNA said.

The last major contract for the refinery is set to be awarded in two weeks, with all deals to be signed in October.


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