MOSCOW (MRC) -- State-run Kuwait Petroleum Corp. (KPC) plans to sell loss-making assets to cut costs as low oil prices pressure its finances, reported Hydrocarbonprocessing with reference to the announcement of the state news agency KUNA.
Nizar al-Adsani, chief executive of KPC, was quoted as saying the company had started efforts to sell its Europoort refinery in the Netherlands and had decided to shut a fertilizer plant of Kuwaiti unit Petrochemical Industries Co.
KPC's affiliates, including Kuwait National Petroleum Co. and Kuwait Oil Co., have already cut costs by 15% to 20%, he added.
As part of the exercise, KPC plans to set up a company to manage the integration of its new refinery at Al-Zour and a petrochemical complex and liquefied natural gas (LNG) facilities, Adsani said.
As MRC wrote previously, Kuwait's Petrochemical Industries Company (PIC), a subsidiary of state-owned KPC, is close to signing a deal to acquire 45% of the OpaL chemical factory in India, reported Reuters in November 2015 with reference to a statement of the company's chief executive. The olefins factory, ONGC Petro-additions Limited, or OpaL, is currently a joint venture between three Indian companies: Oil and Natural Gas Corporation (ONGC), Gujarat State Petroleum Corporation (GSPC) and Gas Authority of India Limited (GAIL).
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