Kuwait has awarded a new KD475.32-million ($1.57 billion) contract for work on its planned Al-Zour oil refinery to a consortium made up of Italy's Saipem and another firm, state news agency Kuna reported on Wednesday.

The contract, to be completed in 45 months, was the lowest offer submitted in the tender, Khalid Al Asousi, spokesman of the state-run Kuwait National Petroleum Company (KNPC) said in a statement, according to Kuna.

Last month, KNPC awarded KD3.48 billion ($11.5 billion) in contracts to build the planned 615,000 barrel-per-day refinery.

That included a KD454-million ($1.5 billion) contract for a consortium comprising Saipem, Hyundai Engineering and Construction, and SK Engineering and Construction to build a marine export terminal.

The signing of all contracts is expected to take place in early October, Asousi said. -Reuters