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April 13, 2014

Samsung Engineering signs Kuwait Clean Fuels Project

Gerald Ondrey

Samsung Engineering Co. (Seoul, South Korea; www.samsungengineering.com) entered Kuwait with the KNPC Clean Fuels Project (CFP) worth $3.8 billion and signed the contract at the official signing ceremony with Kuwait National Petroleum Co. (KNPC). The signing ceremony was attended by Samsung Engineering’s CEO & president Park Choong-Heum and Kuwait’s Minister of Oil, Ali Saleh Al-Omair.

Samsung Engineering will be responsible for engineering, procurement, construction and pre- commissioning on a lump-sum turnkey basis for the Mina Abdullah #1 petroleum refinery package located in the Mina Abdullah province, approximately 30 miles southeast of Kuwait City. The entire package will be executed by a joint venture (JV) of Samsung Engineering (42.9%), U.K.’s Petrofac (46.9%) and CB&I Netherland B.V. (10.2%). Samsung Engineering’s contract amount is worth $1.62 billion. The project is expected to reach its completion in 2018. The entire refinery development of Kuwait’s Clean Fuels Project will increase its capacity to 800,000 barrels per stream day.

 

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