Kuwait National Petroleum Co (KNPC) Chairman Farouk Al Zanki has been chosen as the new chief executive of Kuwait Petroleum Corp (KPC), a source familiar with the matter told Reuters on Sunday.
Zanki, who will replace Saad al-Shuwaib, was informed of his appointment on Saturday and is expected to start “within these days”, the source said.
“The contract is usually for three years,” the source added.
The appointment will not have an effect on the OPEC member’s energy policy, the source added.
In late August, it was rumoured that current KPC CEO Sa’ad Al Shuwayeb was to step down which the company swiftly denied at the time calling the reports “unfounded and baseless”.
The new chief executive of the country’s top state oil company is also a member of KPC’s board, and took the post as KNPC’s chairman in 2007.
It is not known who will head KNPC, Kuwait’s state-refining arm, which is also a unit of KPC.
Energy policy in Kuwait, which is the world’s fourth-largest oil exporter, is set by a council that includes oil industry and other government officials.
