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Daewoo Engineering and Construction recently won a contract as a consortium to construct new refinery facilities in Kuwait, company officials said.
The consortium includes American engineering company Fluor and Hyundai Heavy Industries. They will construct Package Two and Package Three of the New Refinery Project, estimated to be worth $5.76 billion.
Daewoo E&C will be in charge of engineering, procurement and construction with the other two companies and is expected to receive about a third of the payment (estimated at $1.9 billion), though the three companies will decide on the exact shares before signing the contract.
The “New Refinery Project” in Al Zour, ordered by the Kuwait National Petroleum Company, is to be a low-sulfur fuel oil production facility with a daily capacity of 615,000 barrels. It will be worth $14 billion and the second-largest oil refinery in the world after construction is complete.
Daewoo E&C said that they were able to win the bid due to their trusted reputation, as they previously carried out Kuwait’s Clean Fuels Project as a consortium last February worth $3.4 billion.
The company said that this contract was meaningful at a time of decreasing orders in the Middle East due to low oil prices.
By Sang Youn-joo (sangyj@heraldcorp.com)
The consortium includes American engineering company Fluor and Hyundai Heavy Industries. They will construct Package Two and Package Three of the New Refinery Project, estimated to be worth $5.76 billion.
Daewoo E&C will be in charge of engineering, procurement and construction with the other two companies and is expected to receive about a third of the payment (estimated at $1.9 billion), though the three companies will decide on the exact shares before signing the contract.
The “New Refinery Project” in Al Zour, ordered by the Kuwait National Petroleum Company, is to be a low-sulfur fuel oil production facility with a daily capacity of 615,000 barrels. It will be worth $14 billion and the second-largest oil refinery in the world after construction is complete.
Daewoo E&C said that they were able to win the bid due to their trusted reputation, as they previously carried out Kuwait’s Clean Fuels Project as a consortium last February worth $3.4 billion.
The company said that this contract was meaningful at a time of decreasing orders in the Middle East due to low oil prices.
By Sang Youn-joo (sangyj@heraldcorp.com)
