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Stagnation-hit oil sector eyes huge projects from early 2014 ‘Environment friendly fuel’ to be 1st project to see the light: sources

KUWAIT CITY, Dec 27: The oil sector intends to focus on huge projects starting from early next year in order to realize its 2030 vision to compensate for stagnation that afflicted the sector, especially after incurring huge financial losses due to the cancellation of the Dow Chemical project.

According to high-ranking sources in the sector, the first project to see the light will be the ‘environment friendly fuel’ and the Kuwait National Petroleum Company will start reviewing offers next week. Meanwhile, sources disclosed that among five world giant companies bidding for the tenders, three have submitted the lowest with a total of KD 3.4 billion instead of KD 4.6 billion — the initial cost projected by Kuwait National Petroleum Company.

This entails savings of more than a billion dinars, including the consultation charges of an American company, which will receive KD 140 million. Sources added the Japanese JGC Corporation submitted the lowest offer to execute part of the project in Ahmadi refinery station, which is worth KD 1.36 billion; while Britain’s Petrovac Company submitted the lowest offer of KD 1.07 billion, to execute the first phase of Mina Abdallah refinery.

Sources confirmed the American company Flor submitted its offer of KD 962 million from the total of KD 3.392 billion to execute the second phase of the Mina Al-Abdallah refinery project. Sources said KNPC will soon evaluate the offers to ensure that they are in line with the company’s technical specifications before endorsing them.

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