Essar Projects-Saipem JV awarded KNPC’s USD 1.6 billion EPC contract
• Essar Projects’ largest third-party contract
• Order book swells to USD 2.8 billion
Essar Projects, a global EPC (Engineering, Procurement & Construction) company, announced its joint venture with Italy’s SaipemS.p.A has won a USD 1.57 billion order from Kuwait National Petroleum Company (KNPC) for setting up Al-Zour Refinery Project (ZOR), Package-4, in the State of Kuwait. This is Essar’s biggest third-party order won in the region.
The New Refinery Project at Al Zour is Kuwait’s biggest development project with crude processing capacity of 615,000 barrels per day (bpd). KNPC has awarded four Contracts for the refinery’s construction, worth over USD13.2 billion to successful International bidders, making it the biggest Contract signing for 2015. The gala Contract Signing Ceremony was attended by Kuwait’s Minister of Oil, Kuwait Petroleum Corporation (KPC) Chairman and KNPC CEO. Essar Projects was represented by Mr.Shiba Panda (Managing Director & CEO), Mr.GianlucaMosca (COO-Overseas), Mr. Rajesh Gang (CFO-Overseas) and Mr. B Ravishankar (Head-Business Development, Kuwait).
Essar Projects has begun to mobilise resources for the project. Mr.GianlucaMosca, COO – Overseas, Essar Projects said, “With several large infrastructure and industrial projects being implemented in West Asia, it has become one of the fastest growing markets in the world today. Within a short span of time Essar Projects has carved a name for itself and bagged significant project wins in the region due to its inherent strengths in delivering large and complex projects.”
With this order, Essar Project’s order book has swelled to USD 2.8 billion,
