OPEC producer Kuwait has formed a committee to resolve persistent delays in the payment of contractors awarded oil projects in a bid to speed up project execution, a Kuwaiti newspaper reported on Wednesday.

The state-owned Kuwait Petroleum Corporation (KPC), which manages the Gulf country’s hydrocarbon industry, is spearheading plans to tackle the problem following complaints by contractors they are not getting paid on time, the paper said.

It quoted KPC sources as saying the committee comprises representatives of KPC’s subsidiaries and contractors in the emirate.

“The committee intends to study reasons for the delays in payment to contractors undertaking public projects in the oil sector…we believe that there will be positive steps after the committee completes a study,” one source said.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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