Kuwait awarded projects involving operation and maintenance services for its oil facilities with a total value of around 745.4 million Kuwaiti dinars ($2.5 billion) during fiscal year 2022-2023, official figures have shown.

The value is nearly 18.6 percent below the budgeted allocations of around KWD915.8 million ($3.02 billion) during that period, the figures published by Kuwait’s Arabic language Alanba newspaper on Tuesday said.

State-owned Kuwait Oil Company (KOC), which manages the OPEC member’s upstream sector, had the lion’s share of those projects during the fiscal year that ended on 31 March, according to the report.

It showed projects awarded by KOC were worth about KWD506 million ($1.67 billion) while projects awarded by the downstream arm Kuwait National Petroleum Company totalled KWD155.9 million ($514.5 million).

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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