DUBAI: Kuwait Petroleum Corporation (KPC) wants to preserve public funds to counter the economic consequences of the coronavirus pandemic, said the CEO of the state-owned company, after it began implementing austerity measures and cutting costs.
In the statement Hashem Hashem said that the company paid close attention to the observations of all supervisory bodies, both external and internal, according to reports from the state news agency KUNA.
Hashem said the company’s commitment “to adhere to the principle of full cooperation with parliament to complete its oversight role in order to achieve the common goal of serving the interest of Kuwait.
In March, the Kuwaiti government announced a reduction in its energy sector’s operational spending due to the collapse of oil prices due to the outbreak of the coronavirus.
Hashem in a previous note said that KPC and its subsidiaries “would rationalize expenses and review their priorities for the 2020/2021 financial year, while ensuring the safety and continuity of the company’s operations”.
KPC’s cost-cutting measures include the termination of non-Kuwaiti services with permanent and private contracts, as well as subcontractors.
The Kuwait National Petroleum Company, a subsidiary of KPC, has also abandoned plans for the construction of the 1.5 gigawatt Al-Dabdaba solar complex which would have been operational by 2021.
It was also reported that the Ahmadi city building project was canceled after being considered “a non-strategic project”.
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