|Go to market news section|
10 July 2014
PETROFAC AWARDED US$700 MILLION
GATHERING CENTRE PROJECT IN KUWAIT
Petrofac, the international oil and gas services provider has received an award notification for Kuwait Oil Company's (KOC) gathering centre 29 (GC29) which is located approximately 70 km north of Kuwait City in the north of the country.
Valued at approximately US$700 million, the project will be completed over a period of approximately three years. The competitively tendered lump-sum greenfield scope of work includes the engineering, procurement, construction, pre-commissioning and commissioning of GC29.
GC29 is one of three gathering centres being constructed to support KOC's plans to increase and maintain oil production over the next five years. Each of the three gathering centres will be capable of producing around 100,000 barrels of oil per day together with associated water and gas.
Subramanian Sarma, Managing Director of Petrofac's Onshore Engineering & Construction business, commented: "We have a long track record with KOC which extends over the last 14 years and the award of GC29 represents our tenth project in the country to date. With ongoing projects for both KOC and Kuwait National Petroleum Company and good visibility of the future pipeline, Kuwait is, and will continue to be, of strategic importance to Petrofac's ambitions in the Middle East market."
For further information contact:
Head of Media Relations
Alison.firstname.lastname@example.org +44 (0) 20 7811 4913
Petrofac Investor Relations +44 (0)20 7811 4900
Tulchan Communications Group Ltd
email@example.com +44 (0) 20 7353 4200
Notes to Editors
Petrofac is a leading international service provider to the oil and gas production and processing industry, with a diverse customer portfolio including many of the world's leading integrated, independent and national oil and gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC).
Petrofac designs and builds oil and gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its customers' needs across the full life cycle of oil and gas assets.
With more than 18,000 employees, Petrofac operates out of seven strategically located operational centres, in Aberdeen, Sharjah, Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a further 24 offices worldwide.
For additional information, please refer to the Petrofac website at www.petrofac.com.
London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.
|©London Stock Exchange plc. All rights reserved|