Tenders Are Invited For Provision Of Insurance Services Under Energy Insurance Master Policy For West Qurna (Phase 2) Contract Area

Tenders Are Invited For Provision Of Insurance Services Under Energy Insurance Master Policy For West Qurna (Phase 2) Contract Area Envelopes With Bids Shall Be Delivered To The Address Specified In Tender Documentation Before, 03:00 P.M. (Basra Time) September 28, 2023. A Full Set Of The Tender Documentation May Be Obtained After Submission Of A Written Application Along With Sufficient Information Confirming That The Company Meets The Minimal Qualification Requirements Set Out Above (Applications On The Letterhead Signed By An Authorized Person Shall Be Received Before August 31, 2023) To: [email protected]. Legal Entities, Domestic Iraqi And Foreign Companies Having Experience Of Supplies Similar By Nature To The Subject Of The Tender, Which Are Allowed By The Legislation Of The Republic Of Iraq And/Or By Their Country Of Certification To Perform Supplies To The Republic Of Iraq, May Participate In The Tender. Companies Acting As Bidders Shall Meet The Following Minimal Qualification Requirements Specified In Tender Documentation, Including: A) To Possess A Valid Insurance License Issued By Iraqi Insurance Diwan Covering Relevant Types Of Insurance; B) To Have Nominal Paid Share Capital To The Amount Of Not Less Than 5,000,000,000 (Five Billion) Iraqi Dinars Or Higher, If So Required In Accordance With Licensed Types Of Insurance; C) To Have An Average Annual Turnover For The Last 3 (Three) Years In The Amount Of Not Less Than Usd 12,000,000.00; D) To Have Experience As Insurer For At Least 2 (Two) Oil And Gas Projects In Iraq In The Last 3 (Three) Years, Each With A Value Of At Least 1,000,000 Us Dollars In Insurance Premium Per Client; E) To Retain 10% Of The Risk F) To Obtain Iraqi Insurance DiwanS Approval For International Reinsurance For No Less Than 90% Of The Risk; G) To Submit Reinsurance Documents Confirming Reinsurance Coverage And Compliant With The Following Requirements: I. Reinsurance Order To Cover 90% Of 100% Risk; Ii. Financial Strength Rating Of Reinsurers Covering 75% Of 100% Shall Not Be Lower Than A- By S&P, Or Equivalent By Am Best, Fitch Or MoodyS; Financial Strength Rating Of Remaining Reinsurers Covering 15% Of 100% Risk Shall Be Not Lower Than Bb By S&P Or Equivalent, But, In Respect Of Russian Reinsurance Market Only, Not Lower Than Aa Expert Ra Or Equivalent; Iii. BidderS Proposal Shall Include Copies Of Reinsurance Slips Signed And Stamped By The Reinsurers For 100% Of The Order (Being 90% Of The Risk). The Reinsurance Slips Shall Be Valid Until 15.02.2024 In The Event Reinsurance Slips Are Made As Non-Binding Quotes. Awarded Bidder Shall Be Under Obligation To Produce Reinsurance Cover Note (Signed And Stamped) Not Later Than 25 (Twenty-Five) Calendar Days From Effective Date Of Coverage Under The Energy Insurance Master Policy; Iv. Reinsurance Wording, Reinsurance Parameters Of Risk (Limits, Values, Deductibles/Excesses) Should Be In Full Compliance With The Tender Documentation And Draft Policy; Tender Link : Http://Www.Lukoil.Com/Company/Tendersandauctions/Tenders?Wid=Widd5wpvsteaeaaqcneoscq1g