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Saipem awarded $1.57bn Kuwait Al Zour contract

Saipem consortium's was the lowest bid on the tender for the 45-month contract, Kuwait National Petroleum Co official said

A contract for Al Zour refinery has been awarded to a consortium comprising Saipem. [Representational Image]
A contract for Al Zour refinery has been awarded to a consortium comprising Saipem. [Representational Image]

Kuwait has awarded a $1.57bn contract for work on its planned Al Zour oil refinery to a consortium made up of Italy's Saipem and another firm, state news agency KUNA reported on Wednesday, 12 August, 2015.

Saipem's 45-month contract was the lowest offer submitted in the tender, Khalid al-Asousi, spokesman of state-run Kuwait National Petroleum Co (KNPC) said in a statement, according to KUNA.

Reuters reported that KNPC awarded $11.5bn in contracts last month to build the planned 615,000 barrel-per-day refinery.

That included a $1.5bn contract for a consortium comprising Saipem, Hyundai Engineering and Construction , and SK Engineering and Construction to build a marine export terminal.

The signing of all contracts is expected to take place in early October, Asousi said.
 

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