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Saturday , December 3 2022

Two board members of Q8 submit resignation

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Differences in opinion cited as reason

KUWAIT CITY, July 5: Two board members of the Kuwait Petroleum International (Q8) company have submitted their resignation despite efforts aimed at discouraging them from resigning, reports Al-Qabas daily quoting informed sources.

They revealed that a decision concerning the resignation of these board members is yet to be made. The sources speculated that the reasons behind the resignation could be due to the differences in opinion about some files, the most important of which are the company’s projects in Europe and the oil refinery in Vietnam.

They said objections were raised concerning the method and mechanism of providing information to the Board of Directors regarding the Vietnam project and the final operating accounts of companies operating in Europe, which in turn created difficulties for the Board of Directors to take appropriate decisions.

The sources also speculated whether these resignations have a direct or indirect link with the report of the Parliament’s inquiry committee on the oil sector which is expected to be issued within weeks. Regarding the Vietnam Refinery Project, reliable sources explained that one of the Vietnamese banks, to whom the Vietnam Refinery Company had previously submitted a loan request for $400 million, had refused to grant the loan due to insufficient guarantees.

The bank did not accept to grant any loan to the refinery until it got sufficient guarantees, as obtained by other banks. This loan was among the solutions offered by the financial advisor to solve the liquidity shortage for the Vietnam refinery during the coming period. The sources stressed that the Vietnamese bank’s refusal to grant the load to the refinery may exacerbate the company’s liquidity problems and