Gulf Oil and Gas accountACCOUNT

KPC to Sell Loss-making Units

Source: Reuters 2/9/2016, Location: Middle East

Share |
State-run Kuwait Petroleum Corp (KPC) plans to sell loss-making assets to cut costs as low oil prices pressure its finances, state news agency KUNA reported.

Nizar al-Adsani, chief executive of KPC, was quoted as saying the company had started efforts to sell its Europoort refinery in the Netherlands and had decided to shut a fertiliser plant of Kuwaiti unit Petrochemical Industries Co.

KPC's affiliates, including Kuwait National Petroleum Co and Kuwait Oil Co, have already cut costs by 15-20 percent, he added.

As part of the exercise, KPC plans to set up a company to manage the integration of its new refinery at Al-Zour and a petrochemical complex and liquefied natural gas facilities, Adsani said.

Financials and Investment News in Kuwait >>

Iran >>  5/21/2018 - Climate Action and Energy Commissioner Miguel Arias Ca?ete met Iranian Minister of Petroleum Bijan Zangeneh in his Tehran office on Saturday in a bid ...
Iran >>  5/20/2018 - Iranian Oil Minister Bijan Zanganeh says Tehranís oil exports to remain unchanged if the Iran nuclear deal is salvaged by the EU following the US with...

Norway >>  5/18/2018 - DNO ASA, the Norwegian oil and gas operator, has completed the private placement of USD 400 million of new, five-year senior unsecured bonds to be iss...
Egypt >>  5/14/2018 - Governor of Egypt's Central Bank Tarek Amer said that the country is expected to make an $850 million payment on its debts to foreign oil companies. ...

Bahrain >>  5/10/2018 - Bahrainís government has launched an energy fund that aims to raise $1 billion from local, regional and international investors to develop the kingdom...
Iran >>  5/9/2018 - The U.S. President Trump abandoned a nuclear deal with Iran that was agreed in late 2015, raising the risk of conflict in the Middle East and casting ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Kuwait Oil & Gas 1 >>  2 | 3 | 4 | 5 |

More News

 

Oil & Gas Companies in Kuwait >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.