Kuwait SPC Proposes Oil Firm Merger

11 March 2010 (Last Updated March 11th, 2010 18:30)

Kuwait's Supreme Petroleum Council (SPC), the country's highest oil policy body, has proposed merging state oil firms into one entity, according to a local newspaper report. Kuwait Petroleum Corp (KPC) is the umbrella firm for a number of units handling different parts of the industry w

Kuwait's Supreme Petroleum Council (SPC), the country's highest oil policy body, has proposed merging state oil firms into one entity, according to a local newspaper report.

Kuwait Petroleum Corp (KPC) is the umbrella firm for a number of units handling different parts of the industry within the OPEC member countries, the world's fourth largest oil exporter.

"KPC will study a proposal by the SPC to merge its ten subsidiaries under one huge company called Kuwait Petroleum Company," local daily al-Anbaa said, citing oil sources.

The new firm is expected to include the four sectors of exploration, refineries, joint services, and transportation and marketing, the paper stated, adding that the proposal could take between three and five years to be carried out.