Combined Group Contracting Company (CGCC) has been awarded a contract for pipeline servicing in the oil-rich Neutral Zone that is shared by Saudi Arabia and Kuwait.

In a weekend Kuwait bourse statement, CGCC said the project has a value of around 38.3 million dinars ($126 million).

The project is owned by the Saudi Arabian Chevron Inc and the Kuwait Gulf Oil Company, which manage joint operations in the Zone.

“We would like to inform you that CGCC has received a letter confirming the awarding of a contract for installation and support services for pipelines operated by these two companies,” the statement said.

It said the project would be completed within 4 years and 4 months and that it would allow the firm to make profits.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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