OPEC producer Kuwait has awarded the transaction advisory contract to advise on the privatisation of its Shuaiba North power plant to Deloitte within plans by the Gulf state to sell part of its public enterprises to the private sector.

The Kuwaiti Arabic language daily Alqabas said on Tuesday that the Central Agency for Public Tenders has agreed to award the contract to Deloitte, which had submitted the lowest bid at 1.2 million Kuwaiti dinars ($4 million).

Five firms had submitted bids for the contract, including KPMG, PwC, Ernst & Young and Engineering Systems Group.

Deloitte is to prepare a feasibility study and evaluation of Shuaiba’ North’s assets for the privatisation process, which is expected to be completed within 3 years, the paper said.

Phase 2 of the process includes inviting local and foreign firms for an auction to buy a “strategic” part of the Company’s capital, the report said.

The final phase involves the sale of at least 50 percent of the company to Kuwaiti citizens in a public offer, it added.

Located in Al-Ahmadi province, Shuaiba North Cogeneration Power Plant is an 875.5MW dual-fuel fired power project that was commissioned in 2020.

(Writing by Nadim Kawach; Editing by Anoop Menon)