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Sat 31 Mar 2007 12:00 AM

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SK collects Kuwait job to reconstruct oil plant

South Korea's SK Engineering & Construction has won a US $624 million (KD180 million) contract from Kuwait Oil Company (KOC) to design and reconstruct GC-24, a crude oil gathering centre damaged during the Gulf war in 1990/91.

South Korea's SK Engineering & Construction has won a US $624 million (KD180 million) contract from Kuwait Oil Company (KOC) to design and reconstruct GC-24, a crude oil gathering centre damaged during the Gulf war in 1990/91.

The company fended off competition from six international companies for the contract.

The package involves the design, procurement, engineering and reconstruction of GC-24, which is in the Sabriyah field, 50km north of Kuwait City.

Upon completion - anticipated to be in 42 months - GC-24 is expected to produce 165,000 barrels of crude oil per day.

"This deal not only illustrates SK Engineering & Construction's reputation as a leader in plant construction, but also the company's growing stature as a preferred major construction partner for global industry players," said Yoo Woong Suk, president and CEO, SK Engineering & Construction.

"We 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."

SK Engineering & Construction has won nine major construction projects in Kuwait over the past 10 years, the contracts for which total $3.2 billion.

The company has also worked on projects in other areas of the Middle East along with Mexico and Indonesia.

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