Kuwait Oil Company denies withdrawing $1.2bln tenders

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KUWAIT CITY, July 27: Kuwait Oil Company (KOC) has dismissed recent social media claims suggesting that it withdrew two major exploration and production tenders, each valued at approximately $1.2 billion, due to procedural errors, reports Al-Seyassah daily. In a statement released yesterday, KOC clarified that the tenders in question had not been withdrawn. Instead, the company explained that there was a procedural issue with how the tenders were initially offered.

The tenders were submitted as actual offerings rather than pre-offerings, which is the required procedure. Consequently, the Central Agency for Public Tenders is currently revising the offering process to ensure compliance with legal standards. KOC emphasized that it remains committed to upholding the highest legal and procedural standards in its tender processes. The company also pointed out that it was proactive in identifying and reporting the procedural error to the Central Agency for Public Tenders. This proactive stance is in line with its dedication to transparency and proper procedural conduct. The company reassured stakeholders that the two tenders remain active and are undergoing necessary modifications to align with regulatory requirements.