Kuwait Oil Co to issue two tenders worth $63m

The Kuwait Oil company (KOC), the Gulf Opec member’s state oil operator, intends to issue two new tenders worth KD18 million ($63 million), a newspaper said on Sunday.

The Arabic language daily 'Al Rai' said the first tender, with a value of KD10m ($35m), involves work to protect the company’s pipelines.

The second one is worth KD8m ($28m) and covers maintenance work at the company’s oil tanks, the report said, quoting oil sources.

It said the two tenders would be issued to “pre-qualified” firms after they are approved by the country’s central tenders committee.

KOC, one of the world’s largest oil companies, has been locked in a multi-billion dollar programme to develop the emirate’s hydrocarbon sector and lift crude output capacity to nearly four million barrels per day by 2020.