عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Kuwait Oil Company Signs $597 Mn Drilling Deal with Halliburton

Kuwait Oil Company Signs $597 Mn Drilling Deal with Halliburton
TT
TT

Kuwait Oil Company Signs $597 Mn Drilling Deal with Halliburton

Kuwait Oil Company Signs $597 Mn Drilling Deal with Halliburton

State-owned Kuwait Oil Co. and Halliburton Co. signed a 181.4 million dinar ($597 million) contract to explore for oil off the coast of Kuwait.

The contract includes exploration and drilling operations for six rigs, KOC Chief Executive Officer Emad Sultan said in a press conference after signing the three-year agreement.

Kuwait Oil will use two rigs in the first stage of the project to drill six exploratory wells, he said.

The projects aim at increasing Kuwait's oil and free-gas production, he added, noting that his country has commenced a new era of production capabilities.

Most Viewed

 
 
Business

Vale Partners with China’s Jinnan Steel to Build Iron Ore Processing Plant in Oman

The logo of the Brucutu mine owned by Brazilian mining company Vale SA is seen in Sao Goncalo do Rio Abaixo, Brazil February 4, 2019. (Reuters)
The logo of the Brucutu mine owned by Brazilian mining company Vale SA is seen in Sao Goncalo do Rio Abaixo, Brazil February 4, 2019. (Reuters)
TT
TT

Vale Partners with China’s Jinnan Steel to Build Iron Ore Processing Plant in Oman

The logo of the Brucutu mine owned by Brazilian mining company Vale SA is seen in Sao Goncalo do Rio Abaixo, Brazil February 4, 2019. (Reuters)
The logo of the Brucutu mine owned by Brazilian mining company Vale SA is seen in Sao Goncalo do Rio Abaixo, Brazil February 4, 2019. (Reuters)

Brazilian miner Vale, one of the world's largest iron ore producers, said on Monday it had partnered with China's Jinnan Steel Group to build an iron ore beneficiation plant in Oman to produce high quality pellet.

With the front-end investment exceeding $600 million, the plant, which will be located in Oman's Sohar port and free trade zone, will provide higher quality iron ore for producing pellet and hot briquetted iron (HBI) locally, reducing environmental impact, Vale said in a statement on its WeChat account.

The Sohar plant is scheduled to start commissioning in mid-2027, processing 18 million metric tons of iron ore annually to produce 12.6 million tons of high grade concentrate, it said.

"We are strengthening our capability to meet rising global demand for high grade iron ore and further expand our exposure in the Middle East region," said Gustavo Pimenta, chief executive officer (CEO) at Vale.

Vale will invest $227 million for the connection of the beneficiation plant and the pellet and HBI production facility while Jinnan Steel, a private steelmaker headquartered in north China's Shanxi province, will invest about $400 million for the building and the operation of the plant.

Vale did not disclose the equity share held by each party.