Thursday, Apr 19, 2012
BEIRUT (Zawya Dow Jones)--Kuwait's Heavy Engineering Industries and Shipbuilding Co., or Heisco, Thursday said the opening of bids in a tender proffered by Al Khafji Joint Operations, or KJO, has revealed that it had submitted the lowest-price offer.
The deal, which involves providing skilled labor services to KJO over five years, has an expected value of $30 million, Heisco said in a statement posted on the Kuwait bourse website. KJO, which is a joint venture between state-run firms Kuwait Gulf Oil Co. and Saudi Arabia's Aramco Gulf Operations Co., is engaged in oil exploration and production in the partitioned neutral zone between the two Gulf states.
With a stake of 44.80%, Kuwait's conglomerate Kharafi Group is Heisco's major shareholder, according to Zawya.com data.
By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
19-04-12 1314GMT
