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 fertiliser 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%, 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.
