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$2.2bn DAMAGES PAID TO DOW

Kuwait replaces top oil sector officials

Kuwait, May 19, 2013

 

State-run Kuwait Petroleum Company (KPC) appointed a new chief executive and suspended other top officials after the country paid $2.2 billion in damages to Dow Chemical Co over a scrapped plastics joint venture.
 
Nizar Mohammad Al-Asani replaced Farouk Zanki as CEO at the oil firm and the cabinet approved the nomination of six board members, a statement on state news agency Kuna said. Newspaper Al-Rai said that two of the board members were new.
 
The government also suspended officials at KPC unit Petrochemical Industries Company which pulled out of the $17.4 billion K-Dow petrochemical venture in December 2008, citing the deteriorating global economy. It did not give details.
 
The chief executive of KPC holds a seat on Kuwait's Supreme Petroleum Council, which sets oil policy. Kuwaiti newspapers reported on Sunday that other KPC members of the council had been replaced, without giving details.
 
K-Dow was a politically sensitive deal in major oil exporter Kuwait and came under scrutiny in parliament, where lawmakers often clash with the government, especially over large state investments. - Reuters



Tags: Oil | Kuwait | KPC | Dow |

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