Kuwait Oil Company - the country's state-owned energy group - has awarded a US$624m contract to Korean industrial giant SK Engineering and Construction (SKE&C).
SKE&C fought off stiff competition in a bidding war between six other multi-national companies for the deal to design and reconstruct a crude oil gathering centre that was damaged during the Gulf War.
Yoo Woong Suk, president and CEO of SKE&C, said: "This deal not only illustrates our reputation as a leader in plant construction but also the company's growing stature as a preferred major construction partner for global industry players.
"SKE&C will continue to pursue the major construction opportunities that deliver strong returns to shareholders and that enhance the company's position as a top-tier, global engineering and construction company," he added.
Over the past ten years, the Korean group has been awarded nine major construction projects in Kuwait, which amount to a value of US$3.2bn.
The latest contract will see the company reconstruct the GC-24 gathering centre located 50 km north of Kuwait City in the Sabriyah field over an anticipated period of 42 months. Once completed, the centre is expected to produce 165,000 barrels of crude oil per day. SKE&C currently has additional operations in 16 different countries across the Middle East, Mexico and Indonesia.
The group is reported to be looking into further expansion plans in a number of new markets including China, Thailand, Vietnam and Laos.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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