Kuwait Petroleum Company also appoints new chief exec after paying $2.2bn in damages
State-run Kuwait Petroleum Company (KPC) appointed a new chief executive and suspended other top officials after the country paid $2.2bn in damages to Dow Chemical Co over a scrapped plastics joint venture.
Nizar Mohammad al-Asani replaced Farouk Zanki as CEO at the oil firm and the cabinet approved the nomination of six board members, a statement on state news agency KUNA said. Newspaper al-Rai said that two of the board members were new.
The government also suspended officials at KPC unit Petrochemical Industries Co. which pulled out of the $17.4bn K-Dow petrochemical venture in December 2008, citing the deteriorating global economy. It did not give details.
The chief executive of KPC holds a seat on Kuwait's Supreme Petroleum Council, which sets oil policy. Kuwaiti newspapers reported on Sunday that other KPC members of the council had been replaced, without giving details.
K-Dow was a politically sensitive deal in major oil exporter Kuwait and came under scrutiny in parliament, where lawmakers often clash with the government, especially over large state investments.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.