Samsung Engineering Co., Ltd, the first and largest engineering company in Korea, entered Kuwait with the KNPC Clean Fuels Project (CFP) worth 3.8 billion USD and signed the contract at the official signing ceremony with Kuwait National Petroleum Company (KNPC). The signing ceremony was attended by Samsung Engineering’s CEO & President Mr. Park Choong-Heum and Kuwait’s Minister of Oil, Mr. 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 refinery package located in the Mina Abdullah province, approximately 30miles southeast of Kuwait City. The entire package will be executed by a JV of Samsung Engineering(42.9%), UK’s Petrofac(46.9%) and CB&I Netherland B.V.(10.2%). Samsung Engineering’s contract amount is worth 1.62 billion US. 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 (BPSD).
Samsung Engineering’s CEO Park Choong-Heum expressed, “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.”