The Kuwait National Petroleum Company (KNPC) announced the signing of a contract with Nasser Mohammed Al-Baddah and partner General Trading and Contracting Company, according to which the latter will purchase out-of-service units, equipment and assets at the Shuaiba Refinery, which was completely shut down in March 2017.
Al-Baddah won the purchase contract after fulfilling all relevant conditions, among 22 entities that had qualified among a group of local and international entities that submitted their bids to win this auction, reports a local Arabic daily.
In August 2021, KNPC had announced the holding of the auction between the eligible parties, followed by a pre-tender meeting, arranging field visits to the site, and responding to the inquiries of bidders, before closing and evaluating these bids, and then awarding the contract.
The winning company, in accordance with the aforementioned contract, is obligated to transfer the sold assets and equipment and vacate the site in accordance with the provisions and conditions of the bidding contract.