Kuwait National Petroleum Company announced that it has awarded consultancy contracts to Foster Wheeler and Amec for two mega oil projects which are estimated at around $30 billion.
Kuwait National Petroleum Company said in a statement that the London-based Amec was awarded the consultancy contract for building a new 615,000 barrels per day refinery.
US-based Foster Wheeler has been appointed as consultant for a clean fuel project, under which two of Kuwait's three existing refineries at Al-Ahmadi and Mina Abdullah will be upgraded.
The value of the Amec contract was $528 million while the Foster Wheeler contract was worth $502 million, as per Kuwait National Petroleum Company.
The same sources added that both projects are slated to be completed by 2018 and are projected to raise Kuwait's refining capacity to circa 1.5 million bpd from the current 930,000 bpd.
Established in 1960, Kuwait National Petroleum Company is the national oil refining company of Kuwait. The company handles the responsibility of oil refining, gas liquefaction, and distribution of petroleum goods within the local market.
Mena Weekly Monitor – Bank Audi Research