Mar 31 2009 |
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Kuwait industry: Al Zour refinery project contracts cancelled
FROM THE ECONOMIST INTELLIGENCE UNIT
The Kuwait National Petroleum Company has told companies involved in the Al Zour refinery that the project will not proceed on the basis of the existing tender. The decision affects a number of firms that had received initial confirmation of contracts in mid-2008. Included on this list are four South Korean companies—Hyundai Engineering, Daelim, SK Energy and GS Engineering and ConstructionCorporation—as well as one Japanese company, JGC Corporation. Also affected is Fluor of the US. The total value of the cancelled contracts exceeded US$10bn, while the total cost of the project was put in the region of US$16bn-US$18bn.
The refinery project had been on hold for several months, as it faced scrutiny from a number of deputies in the Kuwaiti parliament. The deputies had argued that the public tender law had been violated because the Supreme Petroleum Council, which awarded the contracts on a cost-plus basis, had not accepted the lowest bids. The State Audit Bureau investigated the controversial deal. Its report, released in November 2008, indicated that the procedures of the Central Tenders Committee had not been adequately followed.
The Kuwaiti government has indicated that it is considering a retender.
SOURCE: Business Middle East
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