Daewoo Engineering & Construction (E&C), a major South Korean builder, said on October 14 that construction contracts for the USD 5.76 billion Al-Zour New Refinery Project were signed on October 13 in Kuwait, a deal that a consortium led by Daewoo E&C has recently won.
The Al-Zour New Refinery Project, ordered by the Kuwait National Petroleum Company, will be carried out by the consortium including American engineering company Fluor and Hyundai Heavy Industries. The consortium will be in charge of engineering, procurement and construction (EPC).
Daewoo E&C has a 35% stake (worth US$2.0 billion) in the contract
The Al-Zour New Refinery Project is expected to be complete after 41-45 months of construction work. Incentive pay is also available for reduction of the construction period under the contract.
