Home Oil and Gas KOC awarded $390 million contracts in Q1 2020

KOC awarded $390 million contracts in Q1 2020

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.

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