Tuesday, April 15th, 2014
SEOUL, KOREA - Daewoo Engineering & Construction said on April 14 that it held on the previous day a signing ceremony for the Clean Fuels Project MAB2 EPC package project with the Kuwait National Petroleum Co. The order volume is 1,182.5 billion won.
The project calls for expanding the daily capacity of the Mina Abdullah refinery to 800,000 barrels from 715,000 barrels now while improving the process that would lower the sulphur content to the 5-percent level.
On the signing ceremony, Kuwaiti Minister of Oil Ali al-Omair, Kuwait National Petroleum Co. chairman Asad Ahmad Al-Asa'd, as well as Daewoo E&C president Park Young-shik, Hyundai Heavy Industries president Kim Oi-hyun, and Fluor Corp. president for energy & chemicals EAME Taco De Haan in attendance.
Of the three packages (MAA, MAB1, MAB2) offered for award, the MAB2 package for which Daewoo successfully landed is worth US$3.4 billion in total. As the order was won by a consortium of Hyundai Heavy Industries and Fluor Corp., as well as Daewoo E&C, Daewoo's share will be $1,134 million. The project will be completed by 2018 after 48 months of construction.
