KUWAIT CITY: State-run Kuwait Petroleum Company (KPC) appointed a new chief executive and suspended other top officials after the country paid $ 2.2 billion in damages to Dow Chemical Co. over a scrapped plastics joint venture.
Nizar Mohammad Al-Asani replaced Farouk Zanki as CEO at the oil firm and the cabinet approved the nomination of six board members, a statement on state news agency KUNA said.
Newspaper Al-Rai said that two of the board members were new.
The government also suspended officials at KPC unit Petrochemical Industries Co. which pulled out of the $ 17.4 billion K-Dow petrochemical venture in December 2008, citing the deteriorating global economy.
It did not give details.
The chief executive of KPC holds a seat on Kuwait’s Supreme Petroleum Council, which sets oil policy.
Kuwaiti newspapers reported that other KPC members of the council had been replaced, without giving details.
K-Dow was a politically sensitive deal in major oil exporter Kuwait and came under scrutiny in parliament, where lawmakers often clash with the government, especially over large state investments.
Kuwait Petroleum Company suspends top officials
