Engineering and project management group AMEC has won a contract worth over half a billion dollars to build a new oil refinery in Kuwait, expected to be the largest in the Middle East.
The project management consultancy (PMC) contract is worth $528m (£330m) and was awarded by the Kuwait National Petroleum Company.
The plant in Al Zour, which will be completed in 2018, will increase Kuwait's refinery capacity by 615,000 barrels per day.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"This contract award supports our Vision 2015 strategy, which includes growing our presence in the Middle East's oil and gas upstream, midstream and downstream sectors," said AMEC's group President of Growth Regions, Hisham Mahmoud.
"It is also an example of our ability to leverage our global design, engineering and project management expertise to deliver complex projects for our customers anywhere in the world."
-
How much could your cash ISA save you in tax?Official data reveals ISAs will collectively save us an estimated £6.7 billion in tax this year. We’ve crunched the numbers to find out how much a cash ISA could save you
-
The 8% pension rule: what is it and is it enough to retire on?
You are probably saving this amount into a pension each month without even realising with the 8% pensions rule. But is what is this and is it enough to give you a comfortable retirement?
