10 April 2005
Kuwait City - Kuwait Oil Company (KOC) awarded renovation of oil installations to Petrofac, reports Al-Rai Al-Aam quoting reliable sources. "Petrofac's bid was the best - technically and financially - among the companies that participated in a tender for the project based on standards fixed by KOC. Petrofac quoted KD 199 million for the project. Meanwhile, KOC officially informed the Central Tenders Committee (CTC) of the results of the tender," sources said. Sources expect KOC and Petrofac to sign a contract in two months after completing financial and legal formalities. Meanwhile, on the project to raise the underground oil pipelines to the surface, KOC sources say, "KOC is yet to fix the budget for the project. A meeting will be held at the Kuwait Petroleum Corporation (KPC) to approve the budget before awarding the project to a company. South Korea's SK Corporation submitted the lowest bid of KD 357 million for the project." Sources expect the winner to be announced within a few days. "By introducing these two projects, KOC aims to develop the oil infrastructure including the crucial production and export infrastructures of the country. KOC introduced the second project after a rise in accidents involving fires and leaks. The two projects are expected to raise the performance standard of the country's oil installations. Meanwhile, KOC board is planning to hold a meeting soon to discuss many important issues including the renovation of the oil installations and problems of oil sector employees," sources added. Sources also said that the board of the Kuwait Oil Tankers Company (KOTC) will soon hold a meeting to discuss a study of the company consultant on reducing KOTC expenses following the reduction in the number of KOTC oil tankers from 38 to 24. "The study suggested to reduce KOTC workforce by 40 per cent. This reduction will be the main point of the discussions by the board," sources concluded.
Also:
Kuwait City - Hamad Al-Hamad Company for Oil Drilling and Maintenance is planning to offer 80 million shares to select investors for subscription to increase the number of shareholders and list the company at Kuwait Stock Exchange, say sources. "The company has got the approval of the Ministry of Commerce and Industry for converting into a joint-stock company," they add. Sources said the company is making arrangements to enter several huge oil projects, adding "the management of the company is planning to participate in the Northern oilfields project as one of the local oil companies qualified to offer support services."
Kuwait City - Kuwait Oil Company (KOC) awarded renovation of oil installations to Petrofac, reports Al-Rai Al-Aam quoting reliable sources. "Petrofac's bid was the best - technically and financially - among the companies that participated in a tender for the project based on standards fixed by KOC. Petrofac quoted KD 199 million for the project. Meanwhile, KOC officially informed the Central Tenders Committee (CTC) of the results of the tender," sources said. Sources expect KOC and Petrofac to sign a contract in two months after completing financial and legal formalities. Meanwhile, on the project to raise the underground oil pipelines to the surface, KOC sources say, "KOC is yet to fix the budget for the project. A meeting will be held at the Kuwait Petroleum Corporation (KPC) to approve the budget before awarding the project to a company. South Korea's SK Corporation submitted the lowest bid of KD 357 million for the project." Sources expect the winner to be announced within a few days. "By introducing these two projects, KOC aims to develop the oil infrastructure including the crucial production and export infrastructures of the country. KOC introduced the second project after a rise in accidents involving fires and leaks. The two projects are expected to raise the performance standard of the country's oil installations. Meanwhile, KOC board is planning to hold a meeting soon to discuss many important issues including the renovation of the oil installations and problems of oil sector employees," sources added. Sources also said that the board of the Kuwait Oil Tankers Company (KOTC) will soon hold a meeting to discuss a study of the company consultant on reducing KOTC expenses following the reduction in the number of KOTC oil tankers from 38 to 24. "The study suggested to reduce KOTC workforce by 40 per cent. This reduction will be the main point of the discussions by the board," sources concluded.
Also:
Kuwait City - Hamad Al-Hamad Company for Oil Drilling and Maintenance is planning to offer 80 million shares to select investors for subscription to increase the number of shareholders and list the company at Kuwait Stock Exchange, say sources. "The company has got the approval of the Ministry of Commerce and Industry for converting into a joint-stock company," they add. Sources said the company is making arrangements to enter several huge oil projects, adding "the management of the company is planning to participate in the Northern oilfields project as one of the local oil companies qualified to offer support services."
© Arab Times 2005
