'However, despite a Reminder issued after the initial 14 days ultimatum had elapsed, the IOC's were yet to comply to our demands as at the close of work on Tuesday 2nd of July, 2019.
Earlier on Tuesday evening, shortly after meeting with all arms of the association including the Dockworkers branch and NPA branch, President General of the MWUN, Comrade Adewale Adeyanju, addressing the press explained that the association has decided to downtool following the refusal of the International Oil Companies (IOC) to pay all outstanding stevedoring entitlements to it's members.
IOCs are to pay participation fees for the fields on which they choose to bid by June 1.
The most important change the PCLD had made to the original contract was that IOCs will have 75% in the JVs, with MoO-owned operators at the fields holding the rest.
But despite this uncertainty, Iraq expects to The second round gives IOCS an additional 10 oilfields, and one gas field.
The MoO already is in talks with IOCs over further licences at two larqe oilfields - Nassiriya and 'Amarah in the south - which were not included in the first two rounds.
The exact remuneration model is as yet undecided and will be the subject of negotiation between KPC, the government and the IOC consortia.
IOC commitment to Project Kuwait will be guaranteed by requiring the operator and its partners to contribute all capital and operating costs, while any windfall profits will be mitigated by the cost savings share mechanism and the imposition of tax.
IOC revenues would be delivered from actual production levels.
Kuwait is one of the few states in the world to have had no upstream IOC participation since nationalisation, with the constitution prohibiting foreign ownership of its natural resources.