Mubasher:Qurain Petrochemical Industries said that its 51.6%-owned subsidiary United Oil Projects Co (UOP) has signed two agreements valued at KWD 43.8 million with Kuwait Oil Company (KOC).
The two contracts have a five-year duration period to provide different types of oil services for KOC, according to a bourse statement on Monday.
Qurain Petrochemical clarified that the financial impact of signing these contracts cannot be determined in the current time, however, it noted that a positive profitable impact is expected for UOP’s income statements. This will, therefore, reflect on Qurain’s financials.
At the stock level, Qurain closed Monday’s session 0.8% higher at 378 fils.
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