Essar's Italian venture bags $1.5-b order.

Essar Projects recently said its joint venture with Italy’s Saipem S.p.A won a $1.57 billion order from Kuwait National Petroleum Company for setting up a part of the Al-Zour Refinery Project. This is Essar’s biggest third-party order won in the region.

The project at Al Zour is Kuwait's biggest development project with a crude processing capacity of 615,000 barrels per day (bpd). The Kuwaiti company has so far awarded four contracts for the refinery’s construction, worth over $13.2 billion to different International bidders. The project is expected to be completed by 2019.

Essar Projects' Managing Director & CEO Shiba Panda said, 'The project marks Essar's entry into the Kuwait project market with the biggest EPC contract by an external client.'

With this order, Essar Project’s order book has reached $2.8 billion, with projects being executed in nine countries.

HBL