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 on Tuesday.
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 fertilizer 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.
No.of Reads (60)