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KPC to extend tenure of KOC subsidiaries’ boards by 3 mnts No intention to harm farmers: oil minister

KUWAIT CITY, Aug 12: The Board of Kuwait Petroleum Corporation (KPC) has decided to extend the tenure of the boards of KOC’s subsidiaries by three months starting from August 2014 to legalize their decisions, reports Al-Rai daily quoting informed sources. They indicated that about 20 percent of changes are expected to occur in the Kuwaiti oil sector including the retirement of some top officials. Some other sources indicated that the expected changes may create chaos within the oil sector in the future unless the members interact harmoniously especially with talks in KPC and its subsidiaries about probable changes in the organizational structures.

However, the chief executive officers of these companies have denied these talks, stressing that their boards managed to achieve stability in the oil sector and that they launched several successful projects. Sources explained that the decision to extend the tenure of the current boards, whose legal operational periods have already ended, is aimed to legalize the decisions that will be taken during this phase because of the need for the companies to urgently implement the strategic projects listed in their agendas for which they required the approval of the boards.

Meanwhile, Minister of Oil and State Minister for Parliament Affairs Ali Al-Omair affirmed that the country will not accept any harm to the farmers and owners of agricultural lands that will be damaged when the oil survey machines will pass on them, reports Al-Seyassah daily. When asked whether the government will compensate the farmers, the minister stressed that there is no law that necessitates financially compensating the farmers. He added that if the ministry decides to retrieve the lands that were earlier allotted to the farmers after confirming the presence of oil, it will ensure that justice is done to the farmers impartially, as the country has no intention to harm the farmers. The minister denied about any disagreement with the Public Authority for Agricultural Affairs and Fish Resources (PAAAFR) regarding the agricultural lands which Kuwait Oil Company (KOC) wants to inspect for oil particularly Abdali Agricultural Area. He stressed that the two authorities are coordinating for reaching an appropriate deal. “We are keen on checking if these lands have oil and activating various ways of investing in these lands”, added Al-Omair.

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