Kuwait has begun the long-planned merger of its two domestic state-owned refining companies. The move will see KPC’s Kipic and KNPC subsidiaries form a single entity which will operate the emirate’s 1.42mn b/d refining capacity as well as 3.12mn b/d gas processing capacity and the 22mn t/y Al Zour LNG import terminal. The latter and the 615,000 b/d Al Zour refinery are operated by Kipic, which was hived off from KNPC in 2016.
In a 15 April letter reported by state agency Kuna, Wadha al-Khateeb who has been CEO of both firms since last year, said that the merger will “unite efforts based on each company’s specialization, by expanding their capabilities,” adding that it was based on “well-studied legal and professional foundations.” (CONTINUED - 152 WORDS)