Hill Intl (MM) (NASDAQ:HINT)
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From Jun 2019 to Jun 2024
Hill International (Nasdaq:HINT), the worldwide construction consulting
firm, announced today that the joint venture of Hill and System
Development & Project Management (SDPM) has received a contract from
Kuwait National Petroleum Company (KNPC) to provide consulting services
during the construction of a new refinery located in the Al-Zour region
of Southern Kuwait and during the Clean Fuels Program of existing
refineries located at Mina Al-Ahmadi and Mina Abdullah. The five-year
contract has an estimated value to Hill exclusive of its joint venture
partner of approximately $20.0 million.
The new refinery, which is expected to cost approximately $15 billion,
will be one of the largest in the world with a refining capacity of
615,000 barrels of oil per day. Construction is expected to begin in
2008 and be completed by 2013. The upgrade of the existing refineries in
connection with the Clean Fuels Program is expected to cost
approximately $7 billion.
Services to be provided by Hill/SDPM under the contract include on-call
consulting services, contract and commercial management, interface
management, quality assurance and quality control (QA/QC), and claims
avoidance and management services. Hill is a 65% partner in the joint
venture and SDPM is a 35% partner.
“The new refinery project at Al-Zour and the
Clean Fuels Program for the existing refineries are large, complex
projects whose success is vitally important to the Kuwaiti petroleum
industry,” said Raouf S. Ghali, President of
Hill’s Project Management Group
(International).
“We are honored to be participating in such an
important program where our expertise can add significant value to the
construction process and where we can provide KNPC with significant
structured training opportunities,” added Bill
Kennedy, Vice President and Executive Director with Hill’s
Construction Claims Group and Project Director of the KNPC assignment.
Hill International, with 1,500 employees in 70 offices worldwide,
provides program management, project management, construction
management, and construction claims services. Engineering News-Record magazine
recently ranked Hill as the 10th largest construction management firm in
the United States. For more information on Hill, please visit our
website at www.hillintl.com.
This press release may include certain statements that fall within the
definition of “forward-looking statements”
under the Private Securities Litigation Reform Act of 1995. Any such
statements are subject to risks and uncertainties, overall economic and
market conditions, competitors’ and clients’
actions, and other conditions, which could cause actual results to
differ materially from those anticipated, including those risks
identified in Hill’s filings with the
Securities and Exchange Commission. Accordingly, such statements should
be considered in light of these risks. Any prediction by Hill is only a
statement of management’s belief at the time
the prediction is made. There can be no assurance that any prediction
once made will continue thereafter to reflect management’s
belief, and Hill does not undertake to update publicly its predictions,
whether as a result of new information, future events or otherwise.
(HINT-G)