OPEC member Kuwait revoked 48 oil project tenders in 2023 after bids were found to have largely exceeded their real value, a newspaper reported on Wednesday.

The projects belong to the state-owned Kuwait Oil Company (KOC) and have a combined value of nearly 214 million Kuwaiti dinars ($706.2 million), the Arabic language daily Alqabas said, citing official sources.

The tenders were cancelled by the purchases committee in the Kuwait Petroleum Corporation, which manages the country's hydrocarbon sector.

According to the report, the tenders cover the supply of marine pipes, data systems, equipment for dealing with oil leaks and other oil-related facilities.

(Writing by Nadim Kawach; Editing by Anoop Menon)


Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.