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Sunday , February 5 2023

KNPC incurs more ‘expenses’ tied to delay in new deals

This post has been read 10323 times!

KUWAIT CITY, Oct 28: Kuwait National Petroleum Company (KNPC) incurred additional expenses amounting to KD16.525 million or 25.3 percent of KD65.227 million – the original total value of old contracts – due to the delayed signing of new contracts and the issuance of change orders for the old contracts, reports Al-Rai daily quoting sources.

Sources confirmed that KNPC is keen on starting procedures for offering alternative contracts; indicating the bidding procedures in the Central Agency for Public Tenders (CAPT) were delayed due to the latter’s tendency to offer limited tenders as public tenders with qualifying conditions, which necessitated making change orders to avoid business interruption. Sources pointed out it is common knowledge that there is a mechanism to avoid delays in offering alternative tenders – starting procedures for offering alternative tenders 30 months before the end of the current contract by sending several reminders to the requesting party, in addition to messages through the electronic system.

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