Hyundai in for US$ 2.93 bn gas deal in Kuwait
By Mike Hayes07 March 2016
A consortium of South Korean companies led by Hyundai Engineering & Construction has been awarded a US$ 2.93 billion contract to build liquefied natural gas (LNG) facilities in Kuwait.
The contract with the Kuwait National Petroleum Company includes the construction of re-gasification facilities and LNG tanks in Al-Zour, 90 km south of Kuwait City.
Under the deal, Hyundai Engineering & Construction’s undertaking is valued at $ 1.52 billion, with Hyundai Engineering accounting for $ 1.39 billion and Korea Gas Corp’s contribution valued at $120 million.
Hyundai Engineering’s remit includes the construction of the re-gasification plants, while the construction firm will build the LNG tanks and associated coastal facilities.
According to the consortium, the project will be completed in 2020.