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Report: Kuwait hydrocarbon projects dwindled by 37% during 2020

Former Kuwaiti oil minister and minister of state for national assembly affairs, Ali al-Omair speaks during the opening of a forum to discuss emerging trends in hydrocarbon production and use in the region in Kuwait City on 21 January 2015. [YASSER AL-ZAYYAT/AFP via Getty Images]
Former Kuwaiti oil minister and minister of state for national assembly affairs, Ali al-Omair speaks during the opening of a forum to discuss emerging trends in hydrocarbon production and use in the region in Kuwait City on 21 January 2015. [YASSER AL-ZAYYAT/AFP via Getty Images]

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.

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