Kuwait contractor CGC wins $51m deal to build 10 KNPC fuel stations
Combined Group Contracting (CGC) has been awarded the first of two packages that will see Kuwait National Petroleum Co build 19 stations across the country
Combined Group Contracting Co (CGC) has been awarded a contract to build 10 fuel stations for Kuwait National Petroleum Company (KNPC).
Worth $51.3m (KWD15.47m), the contract will see CGC building the fuel stations across Kuwait.
The 10 fuelling units are part of KNPC's 19-station package, with the contract for the remaining nine stations to be concluded at a later date, Basem Al-Issa, deputy chief executive officer for support services at KNPC, said.
KNPC's chief executive officer, Mohammad Al-Mutairi, and CGC's vice-chairman, Raad Al-Abdullah, signed the contract.
Al-Mutairi reiterated the significance of implementing the contract as scheduled, since the deal was "of paramount significance to the company's expansion", and in line with Kuwait's urban needs, particularly in new residential cities.
The stations would be developed using modern architectural influences, and provide integrated services as well, Al-Mutairi added, according to Kuwait's state news agency, KUNA.
The company recorded $817.8m (KWD248.4m) as revenue in 2016, of which 1.27% was profit, and expected $850m (KWD258.2m) as revenues for last year, of which 70.5% was booked as of June 2017.