KUWAIT CITY, Dec 24: According to reliable sources in the oil sector, Kuwait Petroleum Corporation (KPC) has an investment of KD 198 million in the national portfolio in the form of local shares. This was created based on a decision of the Cabinet in 2008 to invest in the Kuwait Stock Exchange with the aim of facing the repercussions of the global financial crisis on the national economy and maintaining its stability, in partnership with other government agencies, reports Al-Anba daily.
KPC has stakes in associate companies in Oula Fuel Marketing Company, with a share of 24 percent, and in Soor Fuel Marketing Company with the same share percentage.
According to a survey carried out by the daily, the market value of KPC’s share in the two companies is KD 23.6 million. The value of the shares owned in the Oula Fuel Marketing Company is about KD 11.7 million, and the market value of the investment in the Soor Fuel Marketing Company is about KD 11.9 million.
The sources explained the participation in the national portfolio is carried out according to a mechanism agreed upon with the Kuwait Investment Authority. The percentage of profits made by KPC from its investments in the portfolio during the last period is considered good.
The institution’s participation in the portfolio took place after a thorough study and after being reassured about the mechanisms of the portfolio’s work in the market.
The sources emphasized that the national portfolio seeks to maintain market stability, indicating that more than one of the bodies that make up the portfolio participate in its management.