Kuwait National Petroleum Co. signed a 153 million-dinar ($552 million) contract with Korea抯 GS Engineering & Construction Corp. (006360) to build 10 storage tanks for butane and propane gases, an official said.
The tanks will have a capacity of 723,000 cubic metres and will be built in the Mina Al-Ahmadi refinery, Mohammed al-Ajmi, a spokesman for the state-run refinery operator, said today in a phone interview in Kuwait City. The contract will be for 36 months, he said.
Mina Al-Ahmadi, located south of Kuwait City, is the country抯 largest oil-processing plant with a capacity of about 460,000 barrels a day.
Kuwait, holder of the world抯 fifth-largest oil reserves and the fifth-biggest producer in the Organization of Petroleum Exporting Countries, pumped 2.4 million barrels of crude a day in March.
