Kuwait commences merger of state oil firms KNPC and KIPIC, Kuna reports
DUBAI: Kuwait has begun taking executive steps to merge two of its state-owned oil firms, news agency Kuna reported on Tuesday, as the OPEC producer seeks to restructure its energy industry.
Kuwait National Petroleum Company (KNPC) plans to acquire Kuwait Integrated Petroleum Industries Company (KIPIC), Kuna reported citing KNPC Chief Executive Officer Wadha Al-Khateeb.
KNPC is in charge of Kuwait's refining industry while KIPIC is responsible for facilities at the Al Zour refinery.
The rapidly evolving global oil and gas industries place a great responsibility on the country's energy sector to adapt and enhance to such changing dynamics, Kuna cited Al-Khateeb as saying.
She also reaffirmed the sector's commitment to fulfilling obligations to clients while sustaining growth in line with Kuwait's position in the international energy industry, Kuna reported.
Concern about the impact of U.S. trade tariffs have created uncertainty for global oil markets, pushing Brent crude prices down by more than 20% within a week to a four-year low.
Prices have since recovered some ground to about $66 a barrel from below $60.
Kuwait's production capacity is over 3 million barrels per day, Kuwait Petroleum Corporation (KPC) CEO Sheikh Nawaf Saud al-Sabah told reporters in January.
The wealthy Gulf state last year said it made a giant oil discovery with estimated reserves of 3.2 billion barrels. (Reporting by Jana Choukeir and Hadeel Al Sayegh; Editing by Gerry Doyle and Christopher Cushing)
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