Kuwait Construction

From left: Park Young-sik, Daewoo E&C CEO; Mohammad Ghazi Al-Mutairi, KNPC CEO; and Hatem Ibrahim Al-Awadhi, KNPC Deputy CEO for Projects.
From left: Park Young-sik, Daewoo E&C CEO; Mohammad Ghazi Al-Mutairi, KNPC CEO; and Hatem Ibrahim Al-Awadhi, KNPC Deputy CEO for Projects.

 

Daewoo Engineering & Construction (E&C, CEO Park Young-sik), a major South Korean builder, said that the second and third package contracts for the US$5.76 billion (6.49 trillion won) Al-Zour New Refinery Project (AZRP) were signed on Oct. 13 in Kuwait, a deal that a consortium led by Daewoo E&C won at the end of July.

The AZRP will be completed by the consortium that includes Daewoo E&C, American engineering company Fluor, and Hyundai Heavy Industries. The consortium will be in charge of engineering, procurement and construction (EPC). Daewoo E&C has a 35 percent stake in the contract worth US$2.02 billion (2.28 trillion won).

The purpose of the AZRP, ordered by the Kuwait National Petroleum Company (KNPC), is to build low-sulfur fuel oil production facilities with a daily capacity of 615,000 barrels in Al Zour.

Previously, Daewoo E&C clinched a US$3.4 billion (3.83 trillion won) contract for the Clean Fuel Project in Kuwait in Feb. last year, and it has won KNPC’s trust by successfully carrying out the project. Accordingly, the company won the largest portion among the local builders in the project.

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