Kuwait Begins Merger Process Of KIPIC, KNPC

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, April 15 (KUNA) -- Kuwait National Petroleum Company (KNPC) announced, Tuesday, the start of merging process with Kuwait Integrated Petroleum Industries Company (KIPIC) as part of restructuring plan by Kuwait Petroleum Corporation (KPC)
KNPC Chief Executive Officer and acting CEO Engineer Wadha Al-Khatib said in a statement directed to both employees -- a copy of which obtained by KUNA-- that the merge was based on well-studied legal and professional foundations aimed at boosting Kuwait's oil sector companies under KPC.
She emphasized that the initiative seeks to unite efforts based on each company's specialization, by expanding their capabilities and enabling greater achievements.
Al-Khatib voiced confidence that the merger would ultimately produce a successful model of transitioning into a larger economic entity aligned with the strategic ambitions of both sectors and achieving Kuwait Sustainable Development Goals (SDGs).
She noted that the rapidly evolving global oil and gas industries, places a great responsibility on the country's energy sector to adapt and enhance to such changing dynamics.
She also reaffirmed the sector's commitment -- through KPC and its subsidiaries --to continue to fulfill its obligations to all its clients while sustaining growth in line with Kuwait's leading position in the international energy industry.
Al-Khatib pointed out that the sector continually reviews its strategic plans and reassess its goals to ensure the success of the arrangement, with a strong focus on measuring operational performance as part of its work toward achieving long-term objectives.
Addressing both employees, Al-Khatib reaffirmed her commitment to keeping them fully informed of the upcoming steps, underlining that staff remain top priority for KNPC's leadership and are vital to the success of its future goals. (end)
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