State-owned Kuwait Oil Company (KOC) has decided to cancel an oil wellhead work tender with a value of around 123.8 million Kuwaiti dinars ($408 million) on the grounds the works are no longer needed, a local newspaper said on Monday.

KOC had pre-qualified 17 companies for the tender which was issued in 2018 for the installation of oil wellhead connections and other equipment, Alanba Arabic language daily said, quoting responsible oil sources.

The Central Agency for Public Tenders has agreed to KOC's request to scrap the tender and planned allocations in the 2020-2025 fiscal scheme, the paper said.

"KOC issued the tender in late 2018 and pre-qualified 17 firms...but it has just asked for cancellation of the tender after it found the project is no longer needed," it added.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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