PROJECTS: Kuwait qualifies 70 firms for small-medium oil projects

More firms to be qualified

  
Image used for illustrative purposes. Oil rig workers work on the ChevronTexaco drilling platform January 15, 2003 near the Saudi Arabian border, Kuwait.

Image used for illustrative purposes. Oil rig workers work on the ChevronTexaco drilling platform January 15, 2003 near the Saudi Arabian border, Kuwait.

Getty Images/Joe Raedle

OPEC member Kuwait has qualified nearly 70 local firms that will be given priority in small and medium oil projects to be awarded by the government in the future, a local newspaper reported on Sunday. 

The move is part of a new strategy by the Kuwait Petroleum Corporation (KPC), which manages the Gulf country’s hydrocarbon sector, the Arabic language daily Alanba said, quoting KPC sources. 

KPC is expected to qualify more firms to bid for contracts covering services, supply, manufacturing, contracting and other works in the hydrocarbon industry, it said. 

“KPC has set specific terms for any company wishing to be qualified for future contracts....they include providing accurate data on financial resources, profits and sales in the past three years,” the report said, adding that the date of operation of any applicant must be at least one year. 

KPC and its affiliates will allocate part of its future small and medium projects to the qualified companies as part of its initiative known as 'Badir,' the report said. 

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com

This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here

© ZAWYA 2021