3 Aug 2010 12:49

Kuwait invites Russian cos to oil refinery construction tender

MOSCOW. Aug 3 (Interfax) - Kuwait is inviting Russian companies to bid in tenders for the building of a new oil refinery in the country and for setting up production of "clean fuel", Kuwaiti Oil Minister and Information Minister Sheikh Ahmad Al-Abdullah Al-Sabah told the press in Moscow.

Al-Sabah did not provide details of the projects, but did say the price tag on each could amount to $15 billion. The tenders may be held early next year.

"These are very competitive projects," Al-Sabah said, adding that all would depend on the state of world affairs and the technology foreign companies might offer.

The tenders will be open, and companies from any country are welcome to take part, he said. He did not single out any one Russian company that Kuwait would like to work with.

Turning to oil, Al-Sabah offered the view that $75-$85 was the best price per barrel.

"We are satisfied with the state of world oil prices today. I think the $75-$85 per barrel we see now is acceptable," Al-Sabah said.

Kuwait does not at this point see any need for OPEC nations to reduce production, the oil minister said, but cartel members have to keep a close eye on their quotas.