Kuwait: Kuwait’s oil industry is set to witness significant developments as the Kuwait Oil Company (KOC) plans to award 22 projects to local and foreign firms in the coming months.
These projects, aimed at enhancing the country’s upstream oil sector, will be granted gradually after receiving approval from the Central Agency for Public Tenders, according to KOC sources.
The upcoming projects encompass various aspects of KOC’s operations. They include the installation of pipelines at KOC’s facilities in West Kuwait, the provision of maintenance services at KOC’s export terminals, the construction of pipelines in the Jurassic gas areas of North Kuwait, and the establishment of power networks in specific regions.
These initiatives demonstrate Kuwait’s commitment to expanding and modernizing its oil infrastructure. Moreover, the recent report also highlights the remarkable progress made in Kuwait’s oil sector during the first four months of 2023. Within this short period, KOC awarded an impressive 41 contracts across the country, valued at approximately 630 million Kuwaiti dinars ($2.8 billion).
Furthermore, the paper reports another imminent project, soon to be awarded by the Kuwait National Petroleum Company, which serves as the downstream investment arm of the Gulf state. The project will involve civilian construction work at Kuwait’s Al-Ahmadi oil refinery.
Kuwait’s strategic focus on expanding its oil sector and collaborating with local and foreign companies demonstrates its determination to harness the full potential of its resources.
Additionally, these developments are not only significant for Kuwait’s economy but also present opportunities for global industry players to contribute their expertise and technologies.
As Kuwait continues to prioritize the growth and modernization of its oil industry, it sets a promising trajectory for economic development and showcases its commitment to remaining a key player in the global energy landscape.