Oil and petrochemical projects in Kuwait have decreased by 37 per cent resulting in a loss of around $24.5 billion during 2020, MEED Projects reported.
The magazine that tracks the activities of regional projects confirmed that Kuwait has been the hardest hit of six countries, witnessing a significant decline in contracts in the hydrocarbon sector.
According to the report, by the end of 2019, the value of active oil, gas and petrochemical projects in Kuwait amounted to $66.8 billion. However, by 15 September, 2020, this fell to $42.3 billion.
The magazine announced that Kuwait has struggled to maintain momentum in the market of oil and gas projects during the coronavirus pandemic, pointing out that oil projects have been the most affected by the pandemic after they decreased by 48 per cent this year, from $47.4 billion to $24.7 billion.
The total value of gas projects within the country also experienced a significant slump during this year, dropping by 18 per cent from $9.5 billion to $7.7 billion.