ADVERTISEMENT

Italy’s Snamprogetti wins $676 mln Kuwait contract

Energy Trade

State-owned Kuwait Oil Co said on Tuesday it signed a deal with Italy’s Snamprogetti SpA worth 179.4 million dinars ($676 million) to build a gas facility in the Gulf Arab state.

The deal was to build a gas booster station in southeastern Kuwait which would produce 500 million cubic feet per day (cfd) in 36 months, the Kuwaiti oil company said in a statement. Five gathering stations would supply the station with gas. The Gulf Arab state began gas production from several northern fields earlier this month.

Gas output was initially scheduled to start in December 2007. Kuwait needs the gas to meet soaring demand from power plants and industry. The country aims to boost gas output from the fields to a billion cfd by 2015.

Kuwait is in negotiations with Qatar to import liquefied natural gas (LNG). It plans to begin imports next year during summer months to meet peak power demand for air conditioning. Kuwait is the world’s seventh-largest oil exporter and produced 2.58 million bpd of crude in May, according to a Reuters survey. (Reuters)

ADVERTISEMENT

Rate-setters augur slower decline in CPI in 2022 Analysis

Rate-setters augur slower decline in CPI in 2022

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

ITM, capital gov't agree on support for public transport City

ITM, capital gov't agree on support for public transport

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.