Kuwait Al Imtiaz Investment’s unit wins $37.88mln tender for Wafra oil field

The tender works will be carried out in Wafra oil field in the neutral zone shared between Kuwait and Saudi Arabia.

  
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. Image used for illustrative purposes.

Getty Images/Joe Raedle

Kuwait - Al Imtiaz Investment Group announced that its 50.69% owned subsidiary won a tender that will cover the import of main and secondary heavy equipment for Kuwait Gulf Oil Company.

The five-year tender is valued at KWD 11.49 million, according to a bourse filing on Wednesday.

The tender works will be carried out in Wafra oil field in the neutral zone shared between Kuwait and Saudi Arabia.

Moreover, the subsidiary is forecast to generate a profit margin ranging from 2% to 4% of the contract’s value. The profit percentage is an estimated and unfixed rate, subject to any changes in some factors, including the project workflow and the execution period.

Al Imtiaz Investment further noted that its 50.69% ownership in the subsidiary shall represent its share in the net profit as per the estimated percentage of completion.

Source: Mubasher

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