KOC awarded $390 million contracts in Q1 2020

It was the largest contributor to the total value of contracts awarded in the first quarter, although the status of the contracts is unclear under current market conditions

KOC, Contracts, NAPESCO

Kuwait Oil Company awarded $390 million worth of contracts in the first quarter of 2020. A contract won by NAPESCO was worth $363 million.

In total, Kuwait's listed companies won projects worth $1.15 billion in Q1 2020. This is a 2.9% increase compared to Q1 2019, when 17 projects worth $1.12 billion were awarded.

A third of the projects in the construction segment, according to local media reports citing official data. Construction projects were worth approximately $419 million, and 36% of the total number of contracts.

However, given the government directive to cancel or alter recent deals, it is unclear whether these contracts will be fulfilled, delayed, or cancelled altogether.

EDIT: The original version did not include the directive by the Supreme Council.


Most Popular

Digital Edition

Oil & Gas Middle East - September 2020

Subscribe Now