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Thursday , April 22 2021

KOC request for more funds gets nod

KUWAIT CITY, Dec 7: The Central Agency for Public Tenders (CAPT) has approved the request of Kuwait Oil Company (KOC) to issue the fourth change order – an increase of KD4.4 million or 13.2 percent of the total contract value – in its contract with Gulf SPIC General Trading and Contracting Company for providing maintenance services to the production facilities in South Kuwait (Burgan Field) for a period of six months – from Jan 31 to July 31, 2021 (until the launching of new tender), reports Al-Anba daily.

The agency decided to postpone the issuance a new tender for the bulk shipment of chemical for dissolving emulsified oil (1) for a period of four years in the southern and eastern regions of Kuwait. Meanwhile, the cash and bank deposits of Kuwait Petroleum Corporation (KCP) and its subsidiaries reached KD681 million as of March 31, 2020, reports Al-Anba daily quoting a reliable source.

The source disclosed that the corporation has cash and current accounts with local banks, in addition to shortterm bank deposits maturing within or after three months. The source went on to say that the Finance Ministry’s shortterm portfolio is worth KD2.4 billion. The source added the volume of cash fl ow from the operations of KPC reached KD2.8 billion with three percent return on invested capital, while the total capital disbursement for the fiscal year reached KD4.1 billion.

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