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
-
Are you one of 15 million people at risk of retirement poverty?Two-fifths of people in the UK aren’t on track for a minimum lifestyle in retirement, new data shows. Are there steps you can take to boost your pension?
-
150 banking hubs now open across UK – is there one near you?As the 150th banking hub opens its doors, a Post Office deal that offers basic banking services has also been extended until 2030. We explain what this means for you
