Gov’t-owned Kuwait Petroleum Corporation withdraws proposal to privatise petrol stations, create third firm
The government-owned Kuwait Petroleum Corporation (KPC) has reportedly cancelled a proposal to privatise petrol stations but is in discussions to build 100 new outlets to meet demand.
The privatisation plan had been included in the company’s 2014-2015 operational budget, Arabi daily Al Kuwaitiah said.
KPC currently operates two publicly owned petrol station firms, Al Soor and Al Oula and had been planning to allow a third private brand to enter the market.
Sources quoted by Al Kuwaitiah said studies by KPC and its subsidiaries indicated that involvement in the petroleum industry by the private sector was not supported.
Kuwait relies on oil and gas revenues for almost 90 percent of its $115 billion worth of state revenues and the sector is highly protected by the government.