Kuwait-based Combined Group Contracting Company (CGCC) said on Thursday that it has signed a sub-contract with Saudi-based Alkhorayef Group for the installation of oil pipelines.

The Company said in a bourse statement that the contract has a value of around 12.3 million Kuwaiti dinars ($40 million) and would be completed within 30 months.

The firm did not provide project details apart from saying it involves transporting crude and associated works.

In December 2024, CGCC had announced that it has been awarded a contract for pipeline servicing in the oil-rich Neutral Zone that is shared by Saudi Arabia and Kuwait.

Combined Group reported a 13 percent decline in its net profits to KWD1.45 million ($4.78 million) in the third quarter of 2024 from KWD1.66 million ($5.5 million) in the third quarter of 2023.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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