Kuwait’s oil sector cancels several tenders projects to cut costs – ZAWYA

Kuwait’s oil sector cancels several tenders projects to cut costs – ZAWYA

Kuwait petroleum corporation (kpc) and its subsidiaries have started to cancel a large number of unimportant tenders and contracts within the budget of the current fiscal year, in implementation of the decisions to apply austerity and reduce expenses disclosed by the ceo of kpc hashem al-hashem.they revealed that these decisions also include ending the services of non-kuwaitis under permanent and private contracts as well as subcontractors, adding that this move is aimed to cut spending in conjunction with the sharp decline in oil revenues and to counter the economic consequences of the covid-19 pandemic.the sources explained that koc canceled the ahmadi city buildings project, considering it as a non-strategic project. it also canceled a contract for the supply of connections to the wells, given the high costs, and it is considering re-offering it again. some other projects have also been canceled, but the details will be revealed later.they revealed that these decisions also include ending the services of non-kuwaitis under permanent and private contracts as well as subcontractors, adding that this move is aimed to cut spending in conjunction with the sharp decline in oil revenues and to counter the economic consequences of the covid-19 pandemic.kuwait city: kuwait petroleum corporation