Business Services Industry
TOYO ENGINEERING WINS PLANNING DEAL FOR MIDEAST OIL PROJECT.
AsiaPulse News, May, 2003
TOKYO, May 26 Asia Pulse - Toyo Engineering Corp. (TSE:6330) has been awarded a contract to perform planning work for a 300 billion yen (US$2.56 billion) modernization project for the Khafji oil field straddling the border between Saudi Arabia and Kuwait, sources familiar with the matter said.
The Japanese company will plan the repair or replacement of crude oil processing facilities, pipelines and power generators and select contractors to handle the work. The deal is expected to be worth 3-5 billion yen over five years.
Tokyo-based Arabian Oil Co. discovered the Khafji oil field in 1960 and operated it for some 40 years until just recently. Of its daily output of some 270,000 barrels, about 80 per cent is shipped to Japan, accounting for 4-5 per cent of...
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