OPEC member Kuwait has allocated a further sum of around 19.5 million Kuwaiti dinars ($64 million) for a project to build an oil pipeline network in East and Southern oil areas, a local newspaper reported on Monday. 

The Central Agency for Public Tenders (CAPT) approved a request by the government-owned Kuwait Oil Company (KOC) for the additional sum to expand the scope of the project which is undertaken by the Kuwaiti-based Mechanical Engineering and Contracting Company, the Arabic language daily Al-Rai said, citing KOC sources. 

The additional funds account for nearly 29 percent of the total project cost and is intended to cover the cost of expanding the pipeline network to link 106 more oil wells, the paper said without specifying the project costs. 

“CAPT has approved a KOC request for the increase in funds for that project which is scheduled to be completed at the end of March 2023,” it said.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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