Kuwait Qualifies 70 Local Firms for Oil Projects

OPEC member Kuwait has qualified nearly 70 local firms that will be given priority in small and medium oil projects to be awarded by the government in the future, a local newspaper said.

The move is part of a new strategy by the Kuwait Petroleum Corporation (KPC), which manages the Gulf country’s hydrocarbon sector, said KPC sources.

KPC is expected to qualify more firms to bid for contracts covering services, supply, manufacturing, contracting and other works in the hydrocarbon industry, it said.

“KPC has set specific terms for any company wishing to be qualified for future contracts...they include providing accurate data on financial resources, profits and sales in the past three years,” the report said, adding that the date of operation of any applicant must be at least one year.

KPC and its affiliates will allocate part of its future small and medium projects to the qualified companies as part of its initiative known as 'Badir,' the report said.