State-owned Kuwait Oil Company (KOC) has decided to resume work on a housing project for its workers after it was partially suspended due to the spread of Coronavirus, a local newspaper said on Tuesday. 

The project in the Southern Alahmadi governorate involves the construction of 1,800 houses for KOC workers and Phase 1 was completed a few years ago, the Arabic language daily Alanba said, citing KOC sources. 

Phase 2 comprises around 408 houses and it was suspended by the Kuwait Petroleum Corporation (KPC), which is in charge of the Gulf country’s hydrocarbon sector. 

“KPC decided to freeze Phase 2 for five years due to Coronavirus and a government decision to reduce spending in the oil sector...KOC has now decided to revive this project after the improvement of the situation,” the report said, adding that Phase 2 also comprises roads, and sewage, water and power networks. 

Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2022