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Korea's GS Engineering scoops USD 550 mln Kuwait project

April 11/2011

(Arabian Oil and Gas) -- Kuwait National Petroleum Co has signed a USD 552 mln contract with Koreas GS Engineering & Construction Corp. to build 10 storage tanks for butane and propane gases, an official said, according to Bloomberg.

The tanks will have a capacity of 723.000 cubic metres and will be built in the Mina Al-Ahmadi refinery, Mohammed Al Ajmi, a spokesman for the state-run refinery operator said. The contract will be for 36 months, he said.

Mina Al Ahmadi, located south of Kuwait City, is the countrys largest oil-processing plant with a capacity of about 460.000 barrels a day.

Kuwait, holder of the worlds fifth-largest oil reserves and the fifth-biggest producer in the Organization of Petroleum Exporting Countries, pumped 2.4 million barrels of crude a day in March, according to Bloomberg data.

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