Kuwait Oil Company and Saudi AlKhorayef Petroleum sign SAR 1 billion deal.

AlKhorayef Petroleum Company (APC) has signed a significant contract worth SR1,031,576,437 with Kuwait Oil Company to operate more than 400 oil producing wells, according to Arab News.

Top officials from Kuwait Oil Company, AlKhorayef Petroleum Company and its Kuwait subsidiary company, AlKhorayef Company for Sale, Maintenance & Repair of Oil Production Equipment (AKC), took part in the historic signing ceremonies.

Sheikh Saad AlKhorayef, chairman of AlKhorayef Group, presided over the signing ceremony,David Henderson, president of AlKhorayef Petroleum, Faisal Ayesh, president of AlKhorayef Kuwait (AKC), and distinguished representatives from both companies were also present.


Sheikh Saad Alkhorayef said the company is proud to reach the historic milestone.“While we have steadily expanded our global reach to many countries in the world, we have remained focused on our immediate local market in the GCC and Middle East.” Sheikh Saad added.

Sheikh Saad Alkhorayef said AlKhorayef Petroleum Company is the only local company in the industry with the ability to satisfy the local needs of national oil companies in the Middle East.

He added: “As a Middle Eastern manufacturing company, located in the neighboring country of the Kingdom, APC is able to provide a competitive advantage relating to shorter lead-time and longer running life designs tailored to our specific regional metrological demands.”

According to Ayesh, since its inception in Kuwait back in 1995, AlKhorayef has offered pumping services to the state owned upstream company Kuwait Oil Company and the Joint Operation in Wafra. Ayesh said: “AKC was able to secure this tender, given our reliable equipment and services, expert knowledge of the fields, reservoirs and local market.”

Via: Arab Times

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