Kuwait’s Heavy Engineering Industries & Shipbuilding Company (Heisco) has signed a service contract with the downstream state-owned operator Kuwait National Petroleum Company (KNPC)The contract has a value of KD17.84m ($59m), and its scope covers the provision of quality control services for several KNPC refineries.The contract has a duration of 62 monthsThe statement said revenue from the contract with KNPC would be shown in the company’s annual financial statements during 2023-28.In August, three new deputy chief executive officers (DCEOs) were appointed at KNPC amid efforts to reinvigorate the country’s oil and gas sector.A total of 20 DCEOs and deputy managing directors were appointed across the country’s state-owned oil and gas companies.The wave of major personnel changes has come after a prolonged period of political gridlock, during which it has been difficult to push through authorisations for new senior appointments at the state-owned oil companies, leaving many key positions vacant.Kuwait has had three elections in three years, creating policy uncertainty that has significantly impacted businesses and delayed major decisions on projects.The country has seen a contraction in the value of its oil and gas projects market as the political deadlock has blocked approvals for major infrastructure projects in the sector.Between the start of 2020 and the beginning of May this year, Kuwait’s total value of all active oil, gas and chemicals projects declined by 65 per cent from $67.1bn to just $23.5bn. (ICE KUWAIT)

Fonte notizia: MEED