Kuwait refinery construction screeches to a halt
Kuwait National Petroleum Co. has ordered Fluor Corp. to stop construction of a refinery.
According to the Dallas Morning News , Irving, Texas-based Fluor Corp. took a $2.1 billion hit when Kuwait halted construction of a refinery.
Fluor officials said the Kuwait National Petroleum Co. (KNP) instructed them to stop work on the utilities and offsets for the al-Zour refinery; Fluor had about 300 employees working on the project. The termination is the second cancellation of a major oil project since December, coming amid government corruption allegations. In December, Kuwait backed out of a $17.4 billion joint venture petrochemical project with Dow Chemical Co.
Originally, KNP had planned to spend about $14 billion on the 615,000-barrel-per-day al-Zour refinery. It would have been the nation's fourth refinery, with start-up planned for 2012.
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Annual Salary Survey
Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey