Kuwait Petroleum Corp. is hiring a consultant to help merge its subsidiaries as the state-run company slashes capital spending by more than 25% over the next five years.
Event Location
Kuwait , Kuwait
Start Time
21 August 2020, 12:00 AM
End Time
31 August 2020, 12:00 AM
Kuwait Petroleum Corporation (KPC) will combine its eight business units into four to streamline operations, according to local media reports.
KPC plans to sign with a consultant next month to make the change as smooth as possible, the reports said, asking not to be identified because they haven’t finalized the contract. To chop five-year capital spending to 19.8 billion dinars ($65 billion), KPC canceled some projects and postponed others, including exploration.
It also pushed back some expected acquisitions by a subsidiary, Kuwait Foreign Petroleum Exploration Co., the person said. Kuwait’s Supreme Petroleum Council, which oversees the OPEC member’s oil industry, has approved the merger plan.
The company’s media office couldn’t immediately be reached for comment
Kuwait Petroleum Corpo KPC hires advisor to merge unitsKuwait Petroleum Corporation hires advisor
