Kuwait's KGL in $870m logistics deal


15/05/2011 00:00 AST

Kuwaiti logistics firm KGL said on Sunday that one of its units has won an $870 million logistics contract with the US Army along with three other companies.

Also known as Kuwait and Gulf Link Transport Co, KGL said in July 2010 that the US government had agreed to look into an objection filed by the company regarding the award of a military supply contract to its competitor, Anham.

KGL said that Anham did not meet the minimum bidding requirements for the contract.

"One of the units... has won with three other firms the Heavy Lift 7 contract with the US army in areas of Kuwait, Iraq and Saudi Arabia worth $870 million, for five years starting September 2011," KGL said in a statement on the Kuwaiti bourse website on Sunday.

KGL said it could not specify its share of the contract because it depends on the army's needs. In March, KGL said it signed a four-year storage contract with the US military worth $157 million.

The firm's shares were up 9 percent at 0800 GMT on the Kuwaiti bourse, after it made the announcement.

Reuters
Kuwait & Gulf Link Transport Co. - KGL
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | News Archive
Most Viewed Companies
Ticker Price Volume
SAVOLA 69.45 762,376
SABIC 95.82 3,245,536
SAGRINSURANCE 28.34 141,633
TIRECO 43.74 187,282
DANA 0.57 180,135,002
RIBL 16.78 1,129,944
STC 69.31 371,381
Recent News

Euro edges lower ahead of euro zone summit on Greece
The euro edged slightly lower in early Asian trading on Tuesday, but remained well off lows touched in the previous session ahead of a euro zone summit that investors hope might offer a way for Gree

Euro weaker in Asia as Greece meetings ahead, RBA rates due
The euro held weaker in Asia on Tuesday as Greece received hard news on IMF funding possibilities and investors focused on a regional rate decision by Australia's central bank. EUR/USD traded at 0.

Greek crisis: Little impact seen on Qatar, GCC economies
Very little direct impact is seen on Qatar and the GCC countries due to Greece’s financial crisis although majority of Greeks on Sunday rejected creditor demands for further austerity in return for m

Crude oil tumbles 8%, points to lower gas prices this fall
A slew of global economic and geopolitical factors are working to pummel the price of oil and set up U.S. drivers for very low gasoline prices later this year.

The price of U.S. crude drop

Gulf bourses weak, Tadawul index dips 0.3 percent
Gulf markets were weak after Brent crude oil dropped below $60 a barrel to its lowest level since mid-April and Greece's "No" vote in its bailout referendum destabilised global markets.

Howev

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Which of the following do you think is the best long-term investment?