PROJECTS: Kuwait scraps $400mln oil project: report

PROJECTS: Kuwait scraps $400mln oil project: report

PROJECTS: Kuwait scraps $400mln oil project: report More projects to be halted    Image used for illustrative purpose. An oil rig south of town extracts crude on July 21, 2008 in Taft, California. Image used for illustrative purposes.Kuwait has scrapped an awarded oil project with a value of around 120 million Kuwaiti dinars ($400 million) due to weak crude prices and the spread of Coronavirus, a newspaper in the OPEC member reported on Sunday.The project involves the development of heavy crude oil facilities in the North and it was awarded to an international firm this year but the contract was not formally signed, the Arabic language daily Alrai said.The state-owned Kuwait Oil Company (KOC) cancelled the contract in line with instructions by oil authorities to slash spending on projects due