Kuwait’s KPC to sell struggling assets to cut costs
2/9/2016 12:00:00 AM
KUWAIT, Feb 9 (Reuters) -- 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% to 20%, 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 (LNG) facilities, Adsani said.
(Reporting by Ahmad Hagagy, Writing by Reem Shamseddine, Editing by Andrew Torchia and Alexander Smith)
Comments