Korea's GS Engineering scoops $550m Kuwait project
KNPC awarded the contract to build ten gas storage tanks in 36 months
Bloomberg has reported that Kuwait National Petroleum Co has signed a US$552 million contract with Korea’s GS Engineering & Construction Corp. to build 10 storage tanks for butane and propane gases, an official said.
The tanks will have a capacity of 723,000 cubic metres and will be built in the Mina Al-Ahmadi refinery, Mohammed Al Ajmi, a spokesman for the state-run refinery operator, told Bloomberg. The contract will be for 36 months, he said.
Mina Al Ahmadi, located south of Kuwait City, is the country’s largest oil-processing plant with a capacity of about 460,000 barrels a day.
Kuwait, holder of the world’s fifth-largest oil reserves and the fifth-biggest producer in the Organization of Petroleum Exporting Countries, pumped 2.4 million barrels of crude a day in March, according to Bloomberg data.