KUWAIT, 24 May 2005 — State-run Kuwait Oil Company (KOC) signed a 360 million dinar ($1.23 billion) oil sites upgrade deal yesterday with South Korea’s SK Engineering & Construction Co. to boost the OPEC nation’s production capacity, KOC said.
“With a value of nearly 360 million KD (Kuwaiti dinars), this contract is the largest in KOC history,” KOC said in a statement faxed to Reuters. “The aims of the monumental project are: 1. Increasing KOC production capacity, 2. improving the company health, safety and environment practices, 3. enhancing the production associated water handling capabilities and 4. decreasing gas-flaring,” it added.
KOC is in charge of the upstream energy sector in the Gulf Arab state, which controls about 10 percent of global oil reserves and produces up to 2.7 million barrels per day. The contract is for facility upgrade and relocation of underground process piping at 10 oil gathering centers and a booster station, said KOC.
