Kuwait – Mubasher: Heavy Engineering Industries and Shipbuilding Co. (HEISCO) signed two contracts worth KWD 22.07 million ($72.3 million) for the Kuwait National Petroleum Company’s (KNPC) Al Zour Refinery, according to a bourse statement.

The first 24-month deal is valued at KWD 16.65 million ($54.64 million) and related to mechanical and electrical works, and precision equipment.

The other KWD 5.377 million ($17.65 million) contract is concerned with manufacturing of pipes and painting of the new refinery.

The two contracts will result in operating profits representing 10% of the projects’ value, while their impact will appear in the company's financial statements for 2017 and 2018.