MEED magazine reported that Kuwait’s Spetco company signed a contract worth 53 million dinars ($172 million) with the Kuwait Oil Company to supply and install suction pumps in oil fields.

Well-informed industrial sources told a local Arabic daily that Spetco signed the contract during a meeting with the Kuwait Oil Company — the contract that is considered the largest of the three contracts awarded by the Kuwait Oil Company for the supply and installation of suction pumps.

MEED magazine had reported earlier this month that the three contracts totaling $389 million were awarded to three Kuwaiti contracting companies, namely Spetco, Marine Contracting and Services Company and Al-Fawares Petroleum Services Company. The contracts were awarded using the practice system.

The magazine said that the value of contracts awarded by Kuwait in all sectors during the past four years until this time of this year reached its peak in 2018, but declined in 2019 and 2020 to rose again in 2021, as follows:

In 2018 $3.720 billion, 2019 $1.920 billion, 2020 $2.670 billion, 2021 $3.402 billion and 2202 $826 million.

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