Mubasher: KGL Logistics has offered the lowest bids in a tender by Kuwait Oil Company (KOC) for four years, according to a bourse disclosure on Thursday.

The oil tender has a total value of KWD 12.39 million ($40.83 million).

KGL Logistics expects a return up to 5% of the contract’s value, the statement said, adding that this percentage cannot be changed during the execution period of the contract.