Kuwait Forms A US$6 Billion National Oil Firm

12 Oct 2016   Kuwait

The Kuwaiti government gave the go-ahead to a request by the Kuwait Petroleum Corporation (KPC) to create what would be the country’s largest oil company , according to ArabianBusiness.com on Tuesday. The new firm – the Kuwait Integrated Petrochemical Industries Company (KIPIC) – will act as a subsidiary of the KPC and, Mina Al-Ahmadi Refinery deputy chief executive officer Ahmed Al-Jeemaz believes it will have the production capacity of approximately 615,000 barrels per day (bpd). Al-Jeemaz further noted that the KIPIC will play a pivotal role in running the Az-Zour complex, which serves to process petrochemicals and is a liquefied natural gas (LNG) importing facility. The Kuwaiti News Agency (KUNA) mentioned that the KIPIC will have a capital of US$6 billion, of which one-quarter, or US$1.5 billion, has already been paid. The KPC, which runs refining and petrochemical projects, as well as Az-Zour, is rumored to have plans to […]

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