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Sunday , November 29 2020

Extension sought in tenure of six oil sector executives

KUWAIT CITY, Oct 7: Six oil executives have been included in the anticipated retirement list to be enforced before the end of the year, although there are calls to extend the tenure for some of them – at least for a few months – until the completion of the restructuring study in order not to put pressure on the sector’s departments by their exit, reports Al- Rai daily.

The daily quoting sources indicated officials in the soon-to-be referred to retirement list have experiences in the implementation of several strategic projects that will achieve a great leap in the Kuwaiti oil industry, indicating the extension of their tenure will be in line with the targeted strategic goals.

The sources emphasized that Kuwait Petroleum Corporation seeks to stabilize oil sector and to make changes smoothly- in accordance with the strategic vision 2040, in line with the restructuring plan of oil sector, in a manner that would not disrupt the pillars of the sector or create problems in appointments – contrary to the essence of restructuring.

Sources also said delaying the retirement of some of the officials for months is less harmful than their departure and loss of their experience. They also stated that the sector is moving at a stable and steady pace in the way of achieving the Kuwait Oil Strategy 2040 as confirmed by Kuwait Petroleum Corporation’s Board of Directors in all its decisions to maintain stability of the sector at this crucial stage. They reiterated that the world is witness to major changes in consumption patterns and diversification of the sources of income, which the Petroleum Corporation’s Board of Directors takes into account by moving quietly toward the completion of projects, especially those with returns that add value to the state’s general budget.

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