KNPC & KIPIC merger set to ‘conclude’ next month

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KUWAIT CITY, March 26: According to information obtained by Al- Jarida daily from a reliable oil source, the merger between Kuwait National Petroleum Company (KNPC) and Kuwait Integrated Petroleum Industries Company (KIPIC) is progressing rapidly, reports Al-Jarida daily. The merger procedures are expected to conclude at the beginning of the next month, coinciding with the retirement of KIPIC’s CEO, Walid Al-Badr, by the end of the current month.

The source indicated that the entity known as “KIPIC” will be dissolved, with its financial and legal status canceled, and it will henceforth operate under the umbrella of the Kuwait National Petroleum Company. Following the merger, the company will be structured into three sectors: production and operations, comprising the Quebec refinery along with maintenance and operations; refinery services, dedicated to the Quebec refinery’s services; and the export sector.

Kuwait Petroleum Corporation (KPC) is continuing its strategy to consolidate its eight affiliated oil companies, aiming to merge similar activities within the oil sector to enhance integration and operational efficiency, thereby maximizing the value derived from hydrocarbons. In alignment with the Corporation’s strategic directions for the oil sector until 2040, which were previously approved, KPC has undertaken an evaluation of its corporate structure and subsidiaries. An international consulting firm has been tasked with conducting preliminary studies and reviewing the organizational structure of the Corporation based on strategic directives and plans of affiliated companies and sectors, including planning and finance, global marketing, and human resources.

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