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$388.5 Million Contract Shortlist By Koc
According to MEED magazine, which cited reliable sources, the Kuwait Oil Company signed contracts for $388.5 million with 3 out of 8 companies to supply and construct Sucker rod pumps in its oil fields.
A reverse auction practise approach waAs used to award the contract, the magazine revealed, noting that there were three rounds of bids before the contract was chosen. In each round, companies had to lower their rates or maintain them, and all prices were given to the bidders. According to sources in the sector, it anticipated the winners to sign contracts this week.
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