KUWAIT National Petroleum Company (KNPC) has announced that five leading companies have submitted their bids for the construction of a new Local Marketing Depot at Matlaa in the north of Kuwait.

Of these five, Consolidated Contractors Group SAL – Offshore (CCC) has emerged as the lowest bidder with a figure of KD357.2 million ($1.15 billion).

As per the tender notification, the other bidders who have submitted the proposals are: Sinopec Lupyang Engineering Company (KD358.3 million); Enppi (KD384.5 million); Larsen & Toubro Limited (KD414 million); and Open Tower General Trading and Contracting Company (KD505.4 million).

The new depot at Matlaa is being built to meet the growing demand for petroleum products in the local market as well as to maintain the maximum strategic stock in depots as per KPC recommendations and to cut down products transportation costs.