PROJECTS: Kuwait awarded $1.3bln oil deals in 4 months

They mainly included supply of drilling towers

  
Image used for illustrative purpose. The morning view of oil drilling rig (Tender assisted rig type) in Gulf of Thailand.

Image used for illustrative purpose. The morning view of oil drilling rig (Tender assisted rig type) in Gulf of Thailand.

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OPEC member Kuwait awarded nearly 393 million Kuwaiti dinars ($1.3 billion) worth of oil contracts in the first four months of 2021 and most of the projects belonged to the Kuwait Oil Company (KOC), a local newspaper reported on Monday. 

The Arabic language daily Alanba, citing figures by the state-owned Kuwait Petroleum Corporation, which manages the Gulf emirate’s hydrocarbon sector, said nearly 83 percent of those contracts were awarded by KOC, the country’s upstream investment arm. 

Projects awarded by KOC were worth around 329 million dinars ($1.08 billion) and they comprised mainly the supply and installation of 31 oil drilling towers with a combined value of about 150 million dinars ($495 million). 

Contracts worth around 30 million dinars ($99 million) were also awarded by the Kuwait National Petroleum Company, which is in charge of the downstream sector, while a contract with a value of 7.3 million dinars ($25 million) was awarded by the Kuwait Integrated Petroleum Industries Company, the report said. 

(Writing by Nadim Kawach; Editing by Anoop Menon)

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© ZAWYA 2021

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