Kuwait-based Canar Energy Services has submitted the lowest bid for the Kuwait National Petroleum Company (KNPC) project to develop a new South Arm facility at Shuaiba oil pier, according to information released by the country’s Central Agency for Public Tenders.The company submitted a bid of KD147.9m ($481.3m), beating the prices offered by two other bidders.The full list of bidders is:Canar Energy Services KD147.9m (Kuwait)Heisco KD204.1m (Kuwait)Archirodon KD160.5m (Netherlands)There are several planned projects to developed the Shuaiba port facilities.The Shuaiba oil pier comprises several structures, including the approach trestle, North Arm facility and South Arm facility.The North Arm facility consists of two berths, 31 and 32, and when operational, it loads refined products for both KNPC and state-owned Petrochemicals Industries Company.The North Arm facility is currently not operational and will be upgraded as part of a separate project.KNPC is a subsidiary of Kuwait Petroleum Corporation (KPC).Last year, KPC chief executive Sheikh Nawaf Al-Sabah reiterated that the company plans to increase its oil production capacity to 4 million barrels a day by 2035.About 90% of Kuwait’s oil production comes from Kuwait Oil Company, which also plans to achieve a daily gas production capacity of 1.5 trillion cubic feet by 2040.Kuwait is estimated to have 100 billion barrels of oil reserves.Under KPC’s 2040 strategy, it plans to invest $410bn, which will come from its cash flow, debt and joint ventures with other businesses.Of the $410bn, KPC and its subsidiaries intend to invest $110bn to accomplish the group’s energy transition targets. (ICE KUWAIT)

Fonte notizia: Meed