Kuwaiti firm wins $45mln oil service deal
A major Kuwaiti engineering company has won a contract to provide maintenance services to oil production facilities in the OPEC member.
Heavy engineering industries and shipbuilding company (HEISCO) said in a bourse disclosure statement that the contract was awarded by the state-owned Kuwait Oil Company (KOC), which manages the upstream sector in the Gulf state.
The project, awarded after strong competition from other companies, involves 'provision of repair and revamping services for production facilities in North Kuwait,' it said.
HEISCO, one of the largest private industrial entities in Kuwait, has been a frequent winner of oil contracts awarded by state oil operators over the past years.
Kuwait, a founding OPEC member, has been locked in a massive programme to expand its hydrocarbon industry within a long-term strategy stretching until 2040.
Sheikh Nawaf Al-Sabah, CEO of Kuwait Petroleum Corporation (KPC), which manages the country's hydrocarbon industry, said in 2024 that there are plans to invest up to $50 billion in the next five years to expand oil and gas output capacity.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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