PHOTO
State-owned Kuwait Oil Company (KOC) has decided to ban a foreign company for five years after it was late in executing an oil project, a newspaper said on Thursday.
KOC, which manages the Gulf country’s upstream oil sector, is seeking approval from the Central Agency for Public Tenders (CAPT) to enforce the penalty against the firm, the Arabic language daily Alrai said, citing official oil sources.
KOC intends to enforce the punishment in line with the “4th section of Article 85” in the country’s oil law stipulating imposing punitive measures against contractors who fail to complete projects on time, the report said.
“KOC has asked CAPT for approval of its decision to penalise that company…the penalty includes a heavy fine, deletion of the company’s name from KOC’s record of contractors and preventing it from taking part in tenders for five years,” the paper said without identifying that firm or the delayed project in Mangaf, south of Kuwait City.
(Writing by Nadim Kawach; Editing by Anoop Menon)
