India's top engineering and construction conglomerate Larsen & Toubro (L&T) has announced that one of its key subsidiaries - L&T Energy Hydrocarbon Onshore - has secured a major EPC contract - in the range of Rs50 billion to Rs100 billion ($519.2 million to $1.03 billion) - from Kuwait Oil Company for its key Jurassic Light Oil (JLO) export facilities as well upgrades to its existing export network.
The order underscores the oil & gas sector’s continued confidence in L&T’s ability to execute complex hyrdrocarbon projects while maintaining the highest standards of safety, quality and operational excellence, said the company in a statement.
As per the contract, L&T Energy Hydrocarbon Onshore, a significant EPC business of the Indian construction major, said it will construct six new crude oil storage tanks, each designed with an operating capacity of 618,000 barrels, alongside their associated facilities.
Though L&T did not give the exact worth of the contract, Kuwait’s Central Agency for Public Tenders (Capt) said the contract for the JLO export facilities and the upgrading of the existing export network project was valued at KD303.5 million (about $979.2 million).
As per Kuwait Capt site, only two companies had submitted bids for the contract in October last year. The other was UK group Petrofac with a KD310.6 million bidding.
L&T said the scope of work includes installation of new pipelines as well as carrying out extensive upgrades to Kuwait's crude loading and export network, aimed at seamlessly managing increased production levels and boosting overall crude handling capabilities.
"We are pleased to be entrusted with this major strategic project by Kuwait Oil Company. The development of the Jurassic Light Oil export infrastructure is an important investment in Kuwait's energy sector and we are committed to supporting the country's energy ambitions through reliable and world-class project execution," said ES Sathyanarayanan, the Senior Vice President & Head of L&T Energy Hydrocarbon Onshore and Member of the Divisional Board - L&T.
L&T Energy Hydrocarbon Onshore is a specialist in delivering comprehensive lump sum turnkey solutions across the upstream, midstream and downstream hydrocarbon sectors.
With a strong execution track record across global markets, it has delivered refinery expansions, petrochemical complexes, gas processing plants, LNG terminals, fertiliser plants and cross-country pipelines projects.-TradeArabia News Service
