Geo-Economics

Kuwait Petroleum keen on preserving public funds, CEO says

Business & Economy
Arbee
2020-07-26 05:51:11

Author: 
Sun, 2020-07-26 08:46

DUBAI: Kuwait Petroleum Corporation (KPC) wants to preserve public funds to counter the economic consequences of the coronavirus pandemic, the state-owned firm’s CEO said, after it started to implement austerity measures and reduce expenses.

In statement Hashem Hashem said the company paid great attention to the observations of all oversight bodies, both external and internal, state news agency KUNA reported.

Hashem said the company’s commitment “to adhere to the principle of full cooperation with the parliament to complete its oversight role in order to achieve the common goal of serving Kuwait’s interest.

In March the Kuwaiti government announced a reduction in its energy sector’s operating spending as oil prices collapsed because of coronavirus outbreak.

Hashem in an earlier memo said KPC and its subsidiaries would “rationalize spending and review their priorities for the financial year of 2020/2021, while ensuring the safety and continuity of the company’s operations.”

Among KPC’s cost-cutting measures are the termination of services of non-Kuwaitis under permanent and private contracts as well as subcontractors.

Kuwait National Petroleum Company, a KPC subsidiary, likewise abandoned plans to build the 1.5-gigawatt Al-Dabdaba solar complex which would have been operational by 2021.

It was likewise reported that the Ahmadi City buildings project has been cancelled after being considered as ‘a non-strategic project.’

Main category: 

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