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KNPC in discussions for $2b refinery deal
DUBAI — US engineering and construction company Fluor Corp is in talks with Kuwait National Petroleum Co. (KNPC) for a contract of around $2 billion to build part of a new refinery, an industry source said yesterday.
"The talks are for one of the five packages that KNPC had said were going out for bidding for the refinery," the Gulf-based industry source told Reuters. "It's worth around a couple of billion dollars." State refinery KNPC has budgeted $14 billion for the new refinery, more than double its original estimate. Rapidly rising costs in the energy industry forced KNPC to hike its estimate for the planned 615,000 barrels per day plant, which will be one of the largest in the Middle East.
KNPC issued a prequalification tender for the refinery in June, and split the project into five different packages. Around 30 companies submitted preliminary bids, KNPC said.
The contract that Fluor is discussing is to provide steam generation, water systems and other infrastructure for the processing units at the al-Zour refinery.
If it strikes a deal directly with KNPC, the state refinery will remove the package from the tender process, the source said.
KNPC said earlier this year it planned to award the contracts late in the fourth quarter.
The plant will produce low sulphur fuel oil to substitute for the high sulphur fuel oil used in local power plants.
Fluor already holds the project management contract for the refinery.
Fluor has taken over a contract previously held by Spanish constructor Dragados, a unit of ACS , for a project to expand output at Kuwait's Equate Petrochemical Co., the source said.
Fluor took over the contract after Dragados let it lapse, he added. The project was part of expansion plans at Equate's plant 25 miles south of Kuwait City in Shuaiba. Fluor holds the project management contract for the Olefins II plant expansion.
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