Kuwait-based Combined Group Contracting Company (CGCC) said on Thursday it has signed a contract for gas gathering facilities in the oil-rich Neutral Zone that Kuwait shares with Saudi Arabia.

In a bourse disclosure statement, CGCC said the contract has a value of around 14.38 million Kuwaiti dinars ($47.5 million) and has a duration period of four years and three months.

The statement said CGCC was awarded the contract in September by the Kuwait Gulf Oil Company and the Saudi Arabian Chevron Company, which jointly manage Wafra oilfield in the 5,000 square km border zone.

“CGCC has signed a contract awarded by the two companies regarding providing support services for the gas gathering project,” the statement said.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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