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Saipem consortium wins $1.57bn Kuwait contract

Italy’s Saipem and another firm have been awarded a new $1.57 billion contract for work on its planned Al-Zour oil refinery in Kuwait, the state the news agency Kuna reported today.

The 45-month contract, valued at KD475.32 million ($1.57 billion), was the lowest offer submitted in the tender, Khalid Al-Asousi, spokesman of state-run Kuwait National Petroleum Co (KNPC) said in a statement, according to Kuna.

Last month, KNPC awarded KD3.48 billion ($11.5 billion) in contracts to build the planned 615,000 barrel-per-day refinery.

That included a KD454-million contract for a consortium comprising Saipem, Hyundai Engineering and Construction , and SK Engineering and Construction to build a marine export terminal.

The signing of all contracts is expected to take place in early October, Asousi said.

Source  Trade Arabia