Kuwait's HEISCO to execute $3.57mln pipeline works for KOC

The subcontract is effective for eight months

  
Oil is collected at a production facility at the Burgan oil field January 13, 2003 in Central Kuwait. Image used for illustrative purposes.

Oil is collected at a production facility at the Burgan oil field January 13, 2003 in Central Kuwait. Image used for illustrative purposes.

Getty Images/Scott Nelson

Kuwait  - Heavy Engineering Industries and Shipbuilding Company (HEISCO) has signed a subcontract with the main contractor of Kuwait Oil Company (KOC) for manufacturing and dyeing works for gas pipelines, at a total value of KWD 1.1 million.

The eight-month deal will contribute to a new pipeline construction project for transporting gas from the north of Kuwait to Mina Al Ahmadi Refinery, according to a bourse statement on Monday.

According to the disclosure, the transaction will generate operating profits that will reflect on HEISCO’s financial statements for fiscal year (FY) 2020/2021.

Last year, HEISCO’s net earnings advanced by 16.4% annually to reach KWD 11.2 million from KWD 9.6 million in 2018.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Energy