Downstream operator Kuwait National Petroleum Company (KNPC) has announced that it has started the long-awaited process of merging with Kuwait Integrated Petroleum Industries Company (Kipic).The merger of the two state-owned oil companies is part of a larger scheme to restructure the subsidiaries of the national oil company Kuwait Petroleum Corporation (KPC).In a statement to employees of KNPC, the company’s CEO Wadha Al-Khatib said that the merger is based on well-studied legal and professional foundations aimed at boosting Kuwait’s oil sector companies.She said that the merger seeks to expand the capabilities of both companies, according to the state-controlled news outlet Kuna, which obtained a copy of the memo to employees.In April last year, it was announced that Al-Khatib would be simultaneously the acting CEO of Kipic while retaining her role as the chief executive of KNPC, in a move that was expected to accelerate the merger of the two companies.In 2023, US-based business magazine Forbes named Al-Khatib the sixth most powerful businesswoman in the Middle East.Al-Khatib became the CEO of KNPC in November 2022, overseeing 6,270 employees.For the past 15 years, Kuwait has made periodic announcements about plans to merge the many subsidiaries of KPC in order to create synergies and increase efficiency.Despite these announcements, very little progress has been made in combining the state-owned companies. (ICE KUWAIT)

Fonte notizia: Meed