KPC decides to cancel tender for consultancy study – Arab Times Kuwait News
- Date: 15-Jun-2023
- Source: Arab Times Kuwait
- Sector:Financial Services
- Country:Kuwait
KPC decides to cancel tender for consultancy study – Arab Times Kuwait News
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KUWAIT CITY, June 12: The MEED magazine said the Kuwait Petroleum Corporation has decided to cancel a tender that it had floated last December for consultancy study to determine financing options for state-owned oil and gas companies, reports Al-Rai daily. The magazine quoted the KPC Higher Purchasing Committee as saying the companies that purchased the tender documents are eligible to receive back their money, without giving reasons for this cancellation.
This happens although, Kuwait has been looking forward to increasing efficiency and restructuring state-owned oil and gas companies for several years. In 2020, UK-based company had won a study contract to consider restructuring. The plan was expected to cut costs and consolidate several state-controlled companies in the country’s oil, gas and petrochemical sectors. KPC said at the time that the mergers would reduce the number of large state-controlled companies in the sector from 8 to 4.
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