Samsung signs $3.8bn Kuwait clean fuels deal
Firm says its element of the Mina Abdullah Refinery is worth $1.62bn
Samsung Engineering has signed a deal for the Kuwait Clean Fuels Project worth approximately $3.8bn.
The company has a 42.9% stake in a consortium that landed one of two packages to upgrade the Mina Abdullah refinery alongside partners Petrofac (which has a 46.9% stake) and CB&I Netherland (10.2%). Its element of the contract is worth $1.62bn.
The work will see the capacity of the Mina Abdullah Refinery increase to handle 260,000 barrels of oil per day (bpd). It is part of a $12bn upgrade of two refineries for Kuwait National Petroleum Company (KNPC) that will increase capacity to 800,000bpd. Work on the Mina Abdullah refinery is set to complete in 2018.
News of the deals first broke in February.
Samsung Engineering said that its president & CEO Park Choong-Heum attended an official signing ceremony with Kuwait's Minster of Oil, Ali Saleh Al-Omair.
Mr. Choong-Heum said: “It fills me with great pride and pleasure that we take part in such a momentous and historic project of Kuwait. Rest assured that Samsung Engineering will use its expertise so that we may fully contribute to Kuwait’s sustainability and economic growth.
"With our commitment to safety, we will make sure to deliver the project successfully and we hope to create a lasting business relationship with KNPC.”