Home Oil and Gas Kuwait’s oil and gas projects worth $62 bn under construction

Kuwait’s oil and gas projects worth $62 bn under construction

Kuwait oil and gas construction projects worth USD $62 billion at different stages of development, according to media reports. The total construction projects in Kuwait are valued at USD $494.1 billion.

According to report data 2019, the upcoming projects have cost at $337.7 billion, of which $40.4 billion are for Kuwait’s oil and gas projects, and $2445.4 billion are for urban buildings.  

Headquartered in Abu-Dhabi, Protenders is a B2B platform for the construction industry. It said that Kuwait will be assigned contracts worth $3.9 billion for construction projects in the third quarter of 2019. Of the contracts, $2.7 billion will be associated with oil and gas projects.

Some of Kuwait’s top five (5) contractors comprise The Secretariat of the Supreme Council for Planning and Development (SCPD) and Kuwait Authority for Partnership Projects (Kapp), South Korea’s Hyundai Engineering and Construction and UAE-founded Petrofac.

SCPD and Kapp are the country’s top developers. The price of Kuwait oil dropped by $1.42 to $60.87 per barrel, the Kuwait Petroleum Corporation said. The price of the Brent crude went down by $2.32 to $59.97 per barrel.

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