Arab Today, arab today kuwait signs 29bn gas facility deal with korean firms
Last Updated : GMT 21:34:07
Arab Today, arab today
Arab Today, arab today

Kuwait signs $2.9bn gas facility deal with Korean firms

Arab Today, arab today

Arab Today, arab today Kuwait signs $2.9bn gas facility deal with Korean firms

Kuwait on Wednesday inked a $2.93 billion contract
Kuwait City - AFP

Kuwait on Wednesday inked a $2.93 billion contract with three South Korean firms for the construction of the largest Liquefied Natural Gas (LNG) import facility in the oil-rich country.

The project, to be built at the Al-Zour refinery near the border with Saudi Arabia, was awarded to Hyundai Engineering Co., Hyundai Engineering & Construction Co. and Korea Gas Corporation.

CEO of national refiner Kuwait National Petroleum Co. Mohammad al-Mutairi, who signed the contract, said the project is slated to be completed in the first quarter of 2021.

OPEC member Kuwait is rich with crude oil but its natural gas production is too small to meet its needs.

Every year it imports large LNG quantities to supply power plants, especially during the summer, and for use in the petrochemicals industry.

The facility will be part of a huge complex being built in Al-Zour, south of Kuwait City, which will also house a state-of-the-art 615,000 barrel-per-day refinery and a petrochemicals plant.

Mutairi said the cost of the complex is expected to reach $30 billion.

In October, Kuwait awarded contracts worth $13.2 billion to 10 international firms to build the refinery, which is set to come on stream in late 2019.

In 2014, the emirate gave out contracts for a $12 billion project to upgrade two of its three existing refineries.

Kuwait sits on 101.5 billion barrels of crude reserves — equivalent to around 7.0 percent of the world’s proven reserves, according to the latest OPEC figures — and pumps around 3.0 million barrels per day.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today kuwait signs 29bn gas facility deal with korean firms Arab Today, arab today kuwait signs 29bn gas facility deal with korean firms

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today kuwait signs 29bn gas facility deal with korean firms Arab Today, arab today kuwait signs 29bn gas facility deal with korean firms

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday