Saturday 23 June 2018

Kuwait to appoint 4 new oil council members

Kuwait, October 13, 2009

Kuwait's Supreme Petroleum Council (SPC) is expected to appoint four new members soon, replacing others who have resigned, a Kuwaiti newspaper reported on Tuesday citing oil sources.

The SPC is the top energy decision-making body and is responsible for oil policy in Kuwait, the world's fourth-largest oil exporter.

A long-running standoff between parliament and the government of the Gulf Arab state has derailed energy expansion plans as major contracts have been scrapped or delayed.

Those expected to become members of the SPC were former oil minister Issa al-Mazidi, ex-deputy managing director of Kuwait Oil Co Faisal al-Jassim, and Tariq al-Suwaidan and Ahmed al-Duaij, al-Rai newspaper said.

Rai gave no reasons for the four resignations.

An analyst, Kamel al-Harami, said two members had resigned in protest over the cancellation of a multi-billion deal with Dow Chemicals last year.

"They were bitterly against the cancellation of the Dow Chemical deal," Harami said.

Kuwait knocked investor confidence when it ditched the deal in December, a month after signing it, due to criticism in parliament.

Earlier this year, Kuwait had considered changes to the SPC as lawmakers pressed for the dismissal of non-government members of from the body.

Kuwait pumped 2.25 million barrels per day (bpd) of crude in September, according to a Reuters survey. – Reuters

Tags: Oil | Kuwait | Members | SPC | Supreme Petroleum Council |

More Energy, Oil & Gas Stories

calendarCalendar of Events