Saturday, July 23, 2005

TEKFEN wins $222m contract to build oil storage tanks in Kuwait

Turkish firm wins $222m contract to build oil storage tanks in Kuwait

Kuwait: Kuwait Oil Company (KOC) has awarded Turkey’s Tekfen Construction and Installation Company a 222-million-dollar contract to build eight crude oil storage tanks, KOC said yesterday.

“This project will improve the oil export facilities and will increase the (storage) capacity to match (oil) production of 2.62 million barrels per day (bpd),” KOC executive assistant to the chairman, Ali Dugheim Al Shimary, said in a company statement. Construction is expected to begin as soon as possible, it said.
Each storage tank will have a net capacity of 618,000 barrels, a KOC spokesperson said. The new tanks will raise KOC’s current crude oil storage capacity from 16 million barrels to 20.9 million barrels.

The tanks will be built at KOC’s South Tank Farm and the first three tanks are expected to be commissioned November 2006 under Phase I of the project, with the remaining five to be commissioned July 2007, the statement added.

Under the contract, Tekfen will construct the eight tanks, install pipelines, an electrical system, a fire prevention system, and an environmental protection related system. – DPA

Last update on: 18-7-2005


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