KNPC AWARDS $7.2B
Kuwait National Petroleum (KNPC) has awarded a combined $7.2bn contracts to five South Korean firms for increasing capacity and improve environmental standards at two oil refineries in the country.
As part of a joint venture with Hyundai Heavy Industries and Fluor, Daewoo Engineering & Construction has received an order for Mina Abdullah refinery, which is worth $1.13bn each for the three companies.
Samsung Engineering, along with Petrofac and Chicago Bridge & Iron, has secured a separate $1.62bn order for the same refinery, reports Reuters.
GS Engineering & Construction, SK Engineering & Construction and Japan's JGC have received an order for Mina Al-Ahmadi refinery.
According to GS Engineering and SK Engineering, the order for the refinery is worth about $1.66bn for each of the three companies.
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U.S. EIA - Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $119 billion for the four quarters ending June 30, 2018, the largest four-quarter sum during 2013–18 Companies reduced debt for seven consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014
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