MEED magazine quoting informed sources said the Kuwait Oil Company chose 3 out of 8 companies to sign contracts worth $388.5 million to supply and install Sucker rod pumps in its oil fields.
The magazine explained that the contract was awarded using the reverse auction practice system comprising several rounds, where companies have to reduce their prices or keep the same price for each round, and all prices are disclosed to bidders after each round as well, noting that there were 3 rounds of bids before the contract award.
It expected the winners to sign contracts this week, according to industry sources.
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