KUWAIT CITY, Aug 3: Kuwait National Petroleum Company (KNPC) has officially announced, through its website, that it received two liquefied gas cylinder filling factories in Shuaiba and Umm Al-Aish from Kuwait Oil Tanker Company (KOTC) -- the previous owner of the two factories. This is a confirmation of a report that the newspaper published earlier regarding the official transfer of the assets of the gas cylinder factories, along with all their operations and employees from KOTC to KNPC. KNPC republished the statement of its Chief Executive Officer (CEO), Wadha Al-Khatib to Kuwait News Agency (KUNA), in which she announced that the transfer of ownership of the two factories is taking place within the framework of the comprehensive restructuring project for the oil sector led by Kuwait Petroleum Corporation (KPC).

This project marks the beginning of a new phase of cooperation and integration that will develop the projects and operations of the oil companies and open prospects that will enhance the leading position of Kuwait in the global oil industry. Al-Khatib explained that the transfer of ownership of the two factories includes the transfer of all employees and all of the factories’ assets and operations, including the marketing and distribution of liquefied natural gas in the local market, to be fully owned and directly managed by KNPC.

She commended the role played by KOTC in completing the transfer process smoothly and flexibly, stressing her commitment to overcoming all obstacles to ensure the success of this important step, which adds new responsibilities to KNPC and contributes to expanding the scope of its business. Sources confirmed that the contracts of the employees who will be transferred from KOTC to KNPC as a result of the merger will be signed this week.

They said the CEOs of KNPC and KOTC met with the Petroleum Workers Union, during which they emphasized that the rights and benefits of employees transferred within the oil sector companies will not be affected, given the policy of KPC and its subsidiaries to restructure the oil sector. Sources clarified that the goal of the recent merger is to unify marketing efforts, enhance competitiveness, and mitigate any unexpected risks in gas filling operations. They also highlighted its importance in streamlining operations and reducing expenditures, while unifying maintenance teams.

By Najeh Bilal
Al-Seyassah/Arab Times Staff