The Kuwait Oil Company announced that it has awarded two contracts to local companies with the first covering the construction of oil infrastructure and the second contract related to providing crew for the marine fleet.

MEED projects stated that the first contract is to build remote vertical hatches and associated works in southern and eastern Kuwait, which was awarded to Al-Ghanim International General Trading and Contracting Company, reports a local Arabic daily.

The Kuwait Oil Company said that the contract was awarded to Al-Ghanim after it was approved by the majority of the members of the Central Agency for Public Tenders. KOC did not disclose the value of the contract.

Heavy Engineering Industries and Shipbuilding Company (HESCO) won the second contract to provide the crew of the marine fleet. The contract value was 15.5 million dinars ($50.2 million).

It seems that global oil prices will continue their upward trend in the coming period, as Bank of America expects oil prices to average $100 a barrel next year, with the recovery of Chinese demand, and the decline in crude supplies from Russia, while at the same time indicating that there is an 86% probability that China will increase its oil consumption by 1.7 million barrels per day next year, supported by the shrinking supply of Russian crude in the markets with the sanctions against Moscow coming into force.

Bank of America stressed that global oil stocks remain limited, and spare production capacity is still very weak.

Read Today's News TODAY... on our Telegram Channel click here to join and receive all the latest updates