Al Imtiaz Investment’s unit wins $13mln tender with Kuwait's KNPC
Image used for illustrative purpose. Oil rig workers attach another piece of pipe onto the ChevronTexaco drilling platform January 15, 2003 near the Saudi Arabian border, Kuwait.
Getty Images/Joe RaedleMubasher:Al Imtiaz Investment Group announced that its subsidiary has been awarded a two-year tender contract worth KWD 3.92 million by the Kuwait National Petroleum Company (KNPC).
The deal involves the preparation works required before and during the operation of the KNPC’s Clean Fuels Project (Package 1) in Mina Abdullah, according to a bourse filing on Sunday.
The subsidiary, of which Al Imtiaz owns 50.69%, is forecast to realise a profit margin ranging from 2% to 4% of the contract value, noting that the percentage is subject to change as per the project’s workflow, execution period, and achievement level.
It is worth pinpointing that over the first nine months of 2019, Al Imtiaz Investment’s profit rose by 45.3% to KWD 24.81 million from KWD 17.07 million a year earlier.
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