Kuwait’s Combined Group Contracting Company has won an oil export terminal maintenance contract with a value of around 44.59 million Kuwaiti dinars ($147 million).

In a disclosure statement on Kuwait’s bourse, the Company had said it submitted the lowest bid for the project but has not yet been formally awarded the contract.

CGCC quoted a report in Kuwaiti newspapers as saying the Central Agency for Public Tenders (CAPT), Kuwait’s highest tendering authority, has approved the awarding of the deal to the Company.

“We have not yet received a formal notification from CAPT in this respect...we will update the Market Authority on any new development,” the statement said, adding that the Company expects good financial results from the project execution.

The statement said the contract involves providing maintenance services for export terminals owned by the state-run Kuwait Oil Company.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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