International Finance
Oil & Gas

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

Kuwait oil and gas projects, Kuwait Petroleum Corporation
According to ProTenders data, the upcoming oil and gas projects in the country are worth $40.4 billion

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

According to ProTenders data 2019, the upcoming  projects are valued 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 AbuDhabi, Protenders is a B2B platform for the construction industry. It said that Kuwait will be awarded 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 contractors include 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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