State-owned Kuwait Petroleum Corporation (KPC) have opened up four oil projects to private investors,it was announced on Sunday.
The move follows a trend of state-owned companies in the GCC region, opening up assets to private sector investment to raise cash and diversify their revenues.
KPC said in a statement that they seek to lure private investors into state-run oil projects, such as carbon dioxide recovery, extraction and construction of manufacturing facilities, to boost the national economy.
Vibrant private-sector participation in government projects is crucial to economic development, Kuwait’s Minister of Oil and KPC Chairman Essam al Marzouq said.
The state-run oil conglomerate also stands to gain from the skill and expertise that the private sector has to offer, which can help KPC and its affiliates achieve their goals and expand Kuwait’s workforce, creating job opportunities, he added.
Following Saudi Arabia announcement to offer 5 percent of the Saudi oil giant Aramco to public stocks, Kuwait has followed suit, announcing a similar plan to publicly list a part of its national oil industry.
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