29 March, 2020

India's L&T firm wins $122mln Kuwait power deal

It involves replacement of old oil power facilities

Image used for illustrative purpose. Electric power substation.

Image used for illustrative purpose. Electric power substation.

Gettyimages

Kuwait has awarded an oil power contract to Larsen & Toubro Ltd of India worth around 36.9 million Kuwaiti dinars ($122 million), a local newspaper has reported.

The project, awarded by the state-owned Kuwait National Petroleum Company, involves replacement of old power facilities at Al-Ahmadi Oil Refinery in the Gulf emirate, the Arabic language daily Alanba said, quoting KNPC sources.

The contract is part of plans to upgrade Al-Ahmadi Refinery within the OPEC member's Clean Fuel Project (CFP) to boost the country's refining capacity at a total cost of $12 billion, the report said.

Another contract worth around 19.7 million dinars ($65 million) was awarded by the government-owned Kuwait Oil Company to the Kuwaiti Satco Energy Company for the procurement of pipes for oil well development drilling, it added.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© Thomson Reuters Projects News 2020