Petroleum Corporation Will Merge Its Eight Business Units Into 4 Units

Deputy Chairman and CEO of Kuwait Petroleum Corporation Hashem Hashem said that the first meeting of the Council for 2021 was held last Sunday under the chairmanship of the Minister of Oil and Minister of Electricity and Water Dr. Muhammad Al-Faris.

During the meeting, the Council discussed the issue of alternatives extensively, taking into account the current scenario that requires optimal utilization of human resources and their implications for choosing leaders, Al Anba daily reported.

The responsible source told the daily that the commissioning process carried out by the Board of Directors of the Petroleum Corporation is a prelude to the major merger of the oil sector companies into one giant entity.

According to the sources, the daily reported that the Petroleum Corporation will merge its eight business units into 4 units, in order to simplify its operations and to make the change as smooth as possible.

The technical advisor will complete the study of the merger process and take official approvals from the Board of Directors in preparation for submitting them to the Supreme Petroleum Council by the end of 2021.

Sources also said that the Corona crisis has accelerated the progress in the restructuring of the oil sector, as a measure of rationalization and reduction of budgets initiated by the Kuwait Petroleum Corporation and its subsidiaries, starting from the current fiscal year.

 

SOURCE: TIMESKUWAIT

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