Page 5 - DMEA Week 22 2021
P. 5
DMEA COMMENTARY DMEA
Photo of Al-Zour
refinery from February
this year.
Source: KNPC
following the pattern set by regional hegemons KPC’s current slate of subsidiaries com-
Saudi Aramco and Abu Dhabi National Oil Co. prises upstream-focused Kuwait Oil Co. (KOC),
(ADNOC), expanding its shipping capabilities KNPC, chemicals specialist Petrochemical
to control more of the supply chain to improve Industries Co. (PIC), KOTC, European refiner
synergies and increase profitability. and fuels and lubricant marketer Kuwait Petro-
With that in mind, another KPC subsidiary, leum International (Q8), Al-Zour-focused
Kuwait Oil Tanker Co. (KOTC), this week took KIPIC, international E&P firm Kuwait Foreign
delivery of a new crude oil tanker from Chi- Petroleum Exploration Co. (KUFPEC) and
nese shipbuilder Bohai. The Al-Siddiq vessel is Kuwait Gulf Oil Co. (KGOC) which manages the
333m long, 60m wide, it has a cargo capacity of country’s participation in the partitioned neutral
almost 323 tonnes (2.25mn barrels) and can be zone (PNZ) shared with Saudi Arabia.
unloaded in less than 24 hours. The responsibilities of three new subsidiaries
KOTC CEO Abdulnasser Al-Fulaij told will cover domestic oil and gas exploration and
Kuwait News Agency (KUNA) that on receipt production; domestic refining and other down-
of Al-Siddiq, the company’s fleet had grown to stream operations; and overseas operations
32 tankers. throughout the hydrocarbon value chain. The
responsibilities of KOTC will be transferred to
Streamlining the global marketing division.
Projects in both the up- and downstream have Al-Anba noted that the overarching strat-
often been beset with problems relating to cum- egy of raising “the efficiency and integration of
bersome decision-making, and in cases like the operations and to reach operational excellence”
abandoned tie-up with Dow Chemical, this has had been approved by the Supreme Petroleum
brought disastrous consequences. Council (SPC).
Speaking to Arabic language daily Al-Anba The study seeks to reduce workloads and
last week, a high-ranking source said that Strate- decision-making time, save funds and prevent
gy&’s restructuring plan will be completed by the the duplication of efforts. Once completed,
end of the year and will result in KPC overseeing the required approvals will be sought to begin
three companies down from the current eight. implementation.
Week 22 03•June•2021 www. NEWSBASE .com P5
