Petrofac, the international oil & gas service provider, has been awarded a lump-sum engineering, procurement and construction (EPC) contract by the Kuwait Oil Company (KOC) for a new power distribution network in North Kuwait.
The project was awarded following a competitive tender and will be completed in 24 months.
The contract, worth $200m, requires Petrofac to construct three new sub-station buildings and to lay down around 900 kilometres of buried cable to connect the site's sub-stations to the distribution network. When complete, the new facilities will provide a more robust power supply to support the development of the onshore oil fields in North Kuwait.
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
Marwan Chedid, Chief Executive of Petrofac's Engineering, Construction, Operations & Maintenance (ECOM) division, commented: "This latest award is our eighth EPC project for KOC."
JH
-
How much more you would need to save if UK state pension age hit 70Denmark is raising its retirement age to the highest in Europe – could the UK follow suit?
-
Pension savers could get £6,000 boost under ‘megafunds’ plans, government saysReforms are underway to get workplace pension schemes investing more in the UK
