Essar - Saipem JV Awarded KNPC's EPC Contract

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Essar – Saipem JV Awarded KNPC’s EPC Contract

Essar Projects, a global EPC (Engineering, Procurement & Construction) company, today said its joint venture with Italy’s Saipem S.p.A has won a USD 1.57 billion order from Kuwait National Petroleum Company (KNPC) for setting up Al-Zour Refinery Project (ZOR), Package-4, in the State of Kuwait. This is Essar’s biggest third-party order won in the region.

The New Refinery Project at Al Zour is Kuwait’s biggest development project with crude processing capacity of 615,000 barrels per day (bpd). KNPC has awarded four Contracts for the refinery’s construction, worth over USD13.2 billion to successful International bidders, making it the biggest Contract signing for 2015. The gala Contract Signing Ceremony was attended by Kuwait’s Minister of Oil, Kuwait Petroleum Corporation (KPC) Chairman and KNPC CEO. Essar Projects was represented by Mr. Shiba Panda (Managing Director & CEO), Mr. Gianluca Mosca (COO-Overseas), Mr. Rajesh Gang (CFO-Overseas) and Mr. B Ravishankar (Head-Business Development, Kuwait).

Commenting on the order win, Mr. Panda said, “This mega order win is a testimony to our project management capabilities, which we have built over the years. The project marks Essar’s entry into the Kuwait project market with the biggest EPC contract by an external client. It also signals a quantum growth in our overseas business, showcasing our capability to collaborate with leading international EPC companies and our competitiveness in the face of tough global competition.”

Essar Projects has begun to mobilise resources for the project. Mr. Gianluca Mosca, COO – Overseas, Essar Projects said, “With several large infrastructure and industrial projects being implemented in West Asia, it has become one of the fastest growing markets in the world today. Within a short span of time Essar Projects has carved a name for itself and bagged significant project wins in the region due to its inherent strengths in delivering large and complex projects.”

With this order, Essar Project’s order book has swelled to USD 2.8 billion, with projects being executed in nine countries. The company has a track record of setting up large and complex projects in Oil & Gas (E&P as well as refineries), Power, Ports and Steel. It is currently focusing on third-party orders, particularly in the Middle East, where the company sees significant opportunities.

The scope for the KNPC contract includes Engineering, Procurement, Construction, Pre-commissioning and assistance during commissioning, startup and performance testing, in relation to Package-4 – Tank Farms for the of the Al-Zour Refinery Project (ZOR). Essar’s portion comprises build-out of tankages, roads and bridges, as well as civil work, on an EPC basis. The project is expected to be completed by 2019.

Source & Link: The EPC Engineer

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.