Kuwait awards $487 mln port contract to Turkish company

Kuwait’s state oil company has awarded Turkish conglomerate STFA a contract worth 137 million Kuwaiti dinars ($487 million) to build a small port and expand an existing one at a refinery in the Gulf Arab country, state news agency KUNA said on Tuesday.

STFA will double the capacity at the port used to transport oil from the Ahmadi refinery, KUNA said, citing Ahmed Rashid, the deputy managing director of Kuwait Oil Company.

Kuwait, which produces around 3 million barrels a day (bpd) and ships two thirds of it, wants to expand its production to 4 million bpd by 2020.

The Turkish group will also build a new port to hold 70 boats used to support oil tanker shipments, KUNA said.