Kuwait’s Independent Petroleum Group (IPG) has been awarded two oil construction contracts in Sudan and Mozambique with a combined value of around $50 million, the firm said on Thursday.

The project in Port Sudan on the Red Sea involves the construction of oil storage tanks with a value of nearly $30 million, IPG said in a bourse statement.

The second contract includes building LPG tanks in Matola near the capital Maputo, it said.

“The two projects will have a positive impact on the Company’s revenues and its performance in the medium and long term,” it added.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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