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Kuwait’s KPC to sell struggling assets to cut costs

KUWAIT, Feb 9 (Reuters) -- State-run Kuwait Petroleum Corp. (KPC) plans to sell loss-making assets to cut costs as low oil prices pressure its finances, state news agency KUNA reported on Tuesday.

Nizar al-Adsani, chief executive of KPC, was quoted as saying the company had started efforts to sell its Europoort refinery in the Netherlands and had decided to shut a fertilizer plant of Kuwaiti unit PetrochemicalIndustries Co.

KPC's affiliates, including Kuwait National Petroleum Co. and Kuwait Oil Co., have already cut costs by 15% to 20%, he added.

As part of the exercise, KPC plans to set up a company to manage the integration of its new refinery at Al-Zour and a petrochemical complex and liquefied natural gas (LNG) facilities, Adsani said.

(Reporting by Ahmad Hagagy, Writing by Reem Shamseddine, Editing by Andrew Torchia and Alexander Smith)

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Kuwait’s KPC to sell struggling assets to cut costs

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