International

Kuwaiti KOC awards $558mln oil deals in 4 months

Published on : 2022-05-18

Kuwait Oil Company (KOC), the Gulf emirate’s upstream arm, awarded contracts worth around 169 million Kuwaiti dinars ($558 million) in the first 4 months of 2022, a Kuwaiti newspaper reported on Wednesday.

The contracts, won by local and foreign firms, covered the supply and installation of oil well pumps, construction of pipelines, and other works and services, the Arabic language daily Alanba said, citing KOC figures.

The largest contract signed during that period was awarded to the US Schlumberger company for the supply of oil well pumps with a value of 41 million dinars ($135 million).

The second largest deal was won by the Kuwaiti Gas and Oil Field Services Company for the installation of oil pumps with a value of 37.7 million dinars ($124.5 million ).

In April alone, KOC awarded 13 projects with a combined value of 56.7 million dinars ($187million, the report said.

It showed February was the busiest month this year in terms of contracts, which were worth nearly 81.4 million dinars ($268.6 million).

(Writing by Nadim Kawach; Editing by Anoop Menon)

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