Kuwait Gets Multi-Billion Dollar US Military Contract

IRAQ WARS

Kuwait City (AFP) Jun 04, 2005
The US Defense Department has awarded Kuwait's Public Warehouses company (PWC Logistics) a billion-dollar contract to supply US forces in the region, the company announced Saturday.

The 1.4 billion dollar contract to supply US troops in Kuwait, Iraq, Jordan and Turkey will span 18 months, PWC Logistics said on the Kuwaiti Stock Exchange website.

The company added that the contract could be extended for a total of five years, and could increase to 14 billion dollars.

The actual value of the contract would "depend on the number of US troops present in those countries, which could increase or decrease, depending on need," the announcement said.

The Kuwait Stock Exchange, which has been reeling under correction pressures for the past two weeks, rebounded strongly on news of the contract, the second for the company in less than four months.

During trading, the KSE index gained 3.6 percent to reach 8,683 points, just below its all-time high of 8,692.70 points set on April 27.

PWC Logistics was awarded a 3.27 billion-dollar deal in February to supply the US Army, Navy, Air Force and Marine Corps located in Kuwait, Qatar, Iraq, and Afghanistan.

That contract would expire around mid-December of this year.

According to unofficial estimates, Kuwaiti companies have received US contracts worth around 15 billion dollars since late 2002 when Washington began preparations for the US-led war in Iraq.

IRAQ WARS

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