Kuwait Petroleum Corp.'s upstream arm, Kuwait Oil Co. (KOC), has signed a contract with China's Sinopec to build five oil and gas rigs, according to Kuwait's state Kuna news agency (IOD Mar.18,p2). The deal is worth $402 million. KOC Chairman and Managing Director Sami al-Rushaid was quoted as saying it is "part of the company's strategy to reach a production level of 4 million b/d by 2020."
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