Qurain Petrochemical’s subsidiary inks $145mln deal with Kuwait Oil Company

Two agreements signed

  
Image used for illustrative purposes. Oil rig workers work on the ChevronTexaco drilling platform January 15, 2003 near the Saudi Arabian border, Kuwait.

Image used for illustrative purposes. Oil rig workers work on the ChevronTexaco drilling platform January 15, 2003 near the Saudi Arabian border, Kuwait.

Getty Images/Joe Raedle

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.

Source: Mubasher

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