KOC signs letter for Mina Al Ahmadi terminal

Sept. 1, 2005
State-owned Kuwait Oil Co. signed a letter of intent with South Korea's Hyundai Heavy Industries for construction of a $1.25 billion oil terminal at Mina Al Ahmadi.

Eric Watkins
Senior Correspondent

LOS ANGELES, Sept. 1 -- State-owned Kuwait Oil Co. signed a letter of intent with South Korea's Hyundai Heavy Industries for construction of a $1.25 billion oil terminal at Mina Al Ahmadi.

Under the deal, HHI would build the facilities, which would include 19 oil storage tanks and offshore pipelines, by June 2008. The facilities will hold more than 11 million bbl of crude oil.

An HHI spokesman said export facilities now at the site handle 2 million b/d of oil. The new facilities would boost export capacity to 3 million b/d.

Kuwait produces about 2.7 million b/d of crude oil, most of which passes through Mina Al Ahmadi, where Kuwait National Petroleum Co. has a 442,700-b/cd refinery.
Contact Eric Watkins at [email protected].