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Tuesday, May 22, 2007

Kuwait invites bids on a $12 billion refinery, largest in Mideast

ABU DHABI — Kuwait expects at least 15 companies to compete for a $12 billion project to build a major oil refinery.

The state-owned Kuwait National Petroleum Co. said at least 15 firms would submit bids for the construction of the 615,000-barrel-per-day refinery at Al Zour.

The project has been budgeted at $12 billion, double its original cost, and would be the largest refinery in the Middle East.

"A large number of companies that abstained from the previous competition are expected to bid," Assad Al Saad, KNPC deputy managing director of the Ahmadi refinery, said.

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In February 2007, Kuwait cancelled the original tender for Al Zour. Some of the bids had reached $15 billion.

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