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OPEC producer Kuwait launched plans on Tuesday to restructure its hydrocarbon sector to reduce expense and upgrade efficiency.
The state-owned Kuwait Petroleum Corporation (KPC), which manages the Gulf country’s hydrocarbon sector, will oversee the process that could involve merger of some operating firms, the Arabic language daily Alqabas said.
The paper said KPC’s CEO Sheikh Nawaf Al-Sabah has issued a decision forming a “Supreme Committee” to supervise a “comprehensive restructuring plan.”
“The committee comprises senior executives in the oil sector…its main function is to devise a detailed executive plan to restructure the oil sector,” the report said.
It did not provide further details but Kuwaiti officials have earlier said the restructuring plans covers all upstream and downstream operations and could also include reducing the number of the country’s 8 main oil firms.
In 2020 KPC appointed the US-based consultant Strategy& to carry out a study for the restructuring of the country’s oil sector, which controls nearly 101 billion barrels of proven crude resources, the world’s 6th largest.
(Writing by Nadim Kawach) (Editing by Anoop Menon)
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