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KUWAIT CITY, June 1: The Board of Directors of Kuwait Petroleum Corporation (KPC) discussed three main issues in its recently concluded meeting that lasted for more than five hours, reports Al-Rai daily quoting sources. Sources revealed the board approved the proposal to obtain licenses for certain workers after reviewing the rules and regulations, as well as the report of the delegated members in this regard. Sources affirmed the proposal has been forwarded to Deputy Prime Minister, Minister of Oil, State Minister for Cabinet Affairs and Board Chairman Dr Muhammad Al-Fares for final approval.
Sources said the board also tackled the lack of liquidity to pay the loan of Vietnam refinery, as it was agreed with the partners to postpone the payment due on Tuesday until November. Sources clarified the creditors understand the refinery’s liquidity crisis, considering it has started operating with good profitability; hence, there is a bigger chance it can pay in November.
The board talked about the challenges and obstacles that Kuwait Oil Company (KOC) is facing in increasing oil production in accordance with its strategy and increasing the price of a barrel of oil; especially since the company has looked into the most serious obstacles to achieving its goals internally or externally. KOC officials have attributed the external challenges to several factors like the restrictions imposed by regulatory authorities that slowed down the completion of its projects, sources disclosed.
Sources said the board will hold another meeting with KOC officials to discuss possible solutions, including the possibility of using a specialized external team to re-evaluate capabilities. However, it seems this proposal will most likely be rejected as it happened earlier in the northern fields, sources added.