KPC to Sell Loss-making Units

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

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.


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

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