OTCPK:GNOLF - Post by User
Post by
peterap2001on Aug 05, 2012 7:32pm
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Post# 20186604
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upcoming activity https://www.steelguru.com/middle_east_news/Kuwait_and_UAE_to_award_refinery_LNG_contracts/274860.html
Gulf News quoted Fluor Corporation as saying that the UAE and Kuwait are set to award engineering contracts as early as August for two refinery projects and an import terminal for liquefied natural gas.
Mr Colin McKenzie the company’s VP for Saudi Arabia said that Fluor, based in Irving, Texas, is bidding on management contracts in Kuwait to build one refinery and upgrade a pair of older plants so they can produce cleaner burning gasoline and diesel. Each of the two projects is valued at about USD 15 billion. By the end of August or early September, the client will pretty well know who they’re going to go with.
Oil producers in the Arabian Gulf region are building and expanding refineries and diversifying into petrochemicals to help meet local demand and wean their economies away from relying on crude. Gasoline and other refined products can fetch higher prices than crude, while petrochemicals are a raw material for plastics and other goods. Kuwait and the UAE are the fourth and fifth biggest oil producers, respectively in the Organization of Petroleum Exporting Countries.
Mr Jose Bustamante senior VP for the Middle East said that “Abu Dhabi plans a terminal for LNG to use as fuel for power plants and feedstock for chemical factories. Fluor is bidding to do engineering and design work and expects the project, known as Emirates LNG to pick a contractor within four weeks.”