Monday, October 19, 2009

Kuwait to revive $14 billion refinery project

KUWAIT CITY — Kuwait's development minister says the government will revive the $14 billion project to build its fourth oil refinery, which was scrapped in March on corruption allegations.

Sheik Ahmed Fahd Al Ahmed Al Sabah said Sunday the cabinet's plan of action which will be submitted to parliament includes building the refinery south of Kuwait City. His remarks were carried by the Kuwait News Agency. He did not provide any further details.

Legislators originally accused officials of profiteering from the project because the contracts to build it did not go through a central bidding committee. The government denied the charges.

Japanese and South Korean companies were going to build the 615,000 barrel a day refinery. It was to come on line 2012.

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