Kuwait Local Time

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Petrol stations in Kuwait will not be privatized

The government-owned Kuwait Petroleum Corporation (KPC) has cancelled a proposal to privatise petrol stations, but, is in talks to build 100 new outlets to meet demand.

The privatisation plan was included in the company’s 2014-15 operational budget. KPC operates two publicly owned petrol station firms, Al Soor and Al Oula and had been planning to permit a third private brand to enter the market.

KPC and its subsidiaries indicated that the involvement of petroleum sector by the private sector was not supported.

Kuwait heavily relies on its oil and gas revenues for nearly 90 percent of its $115bn worth of state revenues and the sector is highly protected by the government.

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