Kuwait Petroleum Corporation (KPC) and its subsidiaries have signed KWD 185.8 million engineering, supplying, and construction contracts in 2018, compared to projects worth KWD 1.4 billion a year earlier.
This huge gap came as a result of a decline in the number of awarded projects in the oil sector last year after signing the most major projects in the GCC country over the past three years that oil companies were busy implementing them, chief among them were Al-Zour Refinery and the clean fuel project, Al-Anba reported.
Year-on-year, the number of projects in the oil sectors fell as KPC signed the highest contracts valued at KWD 1.4 billion during 2017 after Kuwait Oil Company signed its biggest projects ever at the gathering centre 32 valued at KWD 408.2 million. The project was awarded to the British company Petrofac.
Al-Zour Refinery came in the second spot in terms of value as it was awarded to Italy’s Saipem at a value of KWD 256.9 million.
Kuwait Oil has signed the largest number of major projects in the field of oil and gas exploration and production. The company’s projects reached 23 at a value of KWD 151.3 million
Kuwait National Petroleum Company (KNPC) came in the second place with five projects worth KWD 31.6 million, followed by Kuwait Petroleum Corporation (KPC) with only one contract valued at KWD 1.9 million.
Petrochemical Industries Company did not announce any projects last year, while Kuwait Oil Tanker Co has not offered any bid contrasts at the Central Agency for Public Tenders.
Moreover, Kuwait Oil has awarded five firms a pipelines-supplying project at a value of KWD 30 million.