Kuwait’s Independent Petroleum Group (IPG) has secured two major oil infrastructure contracts in Sudan and Mozambique, with a combined value of approximately $50 million.
In a statement to the stock exchange, IPG confirmed that the Port Sudan project, located along the Red Sea, involves the construction of oil storage tanks valued at nearly $30 million.
The second contract, awarded in Matola, near Maputo, Mozambique’s capital, focuses on the construction of liquefied petroleum gas (LPG) tanks.
IPG noted that both projects are expected to positively impact the company’s revenues and overall performance in the medium to long term, reinforcing its international growth strategy in the energy infrastructure sector.
