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Indian company in Kuwait refineries upgrade
Kuwait City (AFP) Feb 19, 2008 India's Larsen and Toubro on Tuesday signed a contract worth 431 million dollars as part of an upgrade of two of Kuwait's three refineries for environment-friendly products, an executive said. The 22 hydrocrackers and desulphurisation reactors being sold will be used by Kuwait National Petroleum Co in a multi-billion-dollar clean fuel project. "This is the largest ever order placed with a single manufacturer in the world for such critical reactors," L and T senior executive vice president M.V. Kotwal told a press conference. Delivery by the Mumbai-based company will be made between May and November 2010, Kotwal said. KNPC has embarked on a project to upgrade its refineries in Al-Ahmadi and Mina Abdullah at a cost expected to reach about five billion dollars. The project is slated for completion in 2011. The company also plans to build a new 615,000 barrels per day (bpd) refinery at a cost of close to 14.5 billion dollars. It is slated to come onstream by 2012. This will raise Kuwait's refining capacity from the current 930,000 bpd to around 1.4 million bpd. When the projects are completed, KNPC plans to shut down a refinery at Shuaiba. L and T is listed on the Mumbai stock exchange and has a capitalisation of 25 billion dollars, Kotwal said. It posted five billion dollars in revenues last year. Related Links Powering The World in the 21st Century at Energy-Daily.com
Analysis: Does storing oil raise prices?
Washington DC (UPI) Feb 18, 2008As oil prices skyrocket, some policymakers want to halt efforts to increase the nation's emergency oil reserve, but the administration says energy security depends on the stockpile's size. |
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