$4.2bn Kuwait heavy oil contract

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$4.2bn Kuwait heavy oil contract

The central tenders committee announced on 8 January that Kuwait has awarded a $4.2 billion contract to develop heavy oil fields in the north of the country.

The project, called Lower Fars Heavy Oil Development Phase 1, was awarded to UAE-based Petrofac International and the Athens-based Consolidated Contractors Company, the largest construction firm in the Middle East, said a report in the Gulf Daily News (GDN), our sister publication.

The project includes plans to produce 60,000 barrels per day (bpd) of heavy crude by 2018 and to build the infrastructure facilities for further phases. In the second phase, production will double by 2020.

Kuwait also has plans to raise heavy oil production to around 270,000 bpd by 2030 only if needed. The Opec member, currently pumping around 2.8 million bpd, plans to raise its output capacity to four million bpd in 2020 from around 3.3 million bpd now.

Last year, the emirate awarded contracts worth $12 billion to upgrade two of its three oil refineries and procedures are underway to award contracts worth $15 billion to build a new 615,000-bpd refinery.

When the two projects are completed by 2018-2019, the refining capacity will be boosted to 1.4m bpd from 930,000 bpd at present.

Source: Trade Arabia

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Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.