Daewoo wins oil plant project worth $62 mil. in Indonesia

Daewoo Construction has won a petroleum plant project worth $62 million in Indonesia from Kuwait Foreign Petroleum Exploration Co. (KFPEC).

Daewoo will build oil production and refining facilities in Seram Island on a turn-key basis. The plant will have a daily oil production capacity of 20,000 barrels when completed in April 2002.

The company said it will take charge of the entire project from engineering and procurement to installation, commissioning and operation.

Daewoo will sign a formal contract with KFPEC around the end of this month before starting work in October.

Daewoo said it has proven its capability as a plant builder in Indonesia by successfully constructing cement and paper plants. (*)