OPEC producer Kuwait has approved plans to build its first major oil industrial zone and several companies are bidding for the project, newspapers reported on Monday.

The state-owned Kuwait National Petroleum Company (KNPC), which manages the country’s downstream industry, is supervising the project in the Southern Al-Ahmadi Governorate, they said.

KNPC had earlier set 19 September as a bidding deadline before it decided last week to extend the date to 3 October, Al-Jarida and Alanba dailies said.

According to the report, which cited KNPC sources, the zone is designed for oil and gas industries as part of Kuwait’s economic diversification plans.

The zone is expected to create 1,300 jobs and contribute nearly $4 billion to Kuwait’s GDP, Alanba said, adding that KNPC will pre-qualify bidders after the deadline.
Source: Reuters (Writing by Nadim Kawach; Editing by Anoop Menon)