Kuwait – Mubasher: The Supreme Petroleum Council of Kuwait has approved during its meeting on Tuesday the establishment of a company in Dubai, the UAE, sources told Alrai newspaper on Wednesday.
The purpose of the new firm is to utilise available investment opportunities, increase revenues, market petroleum products, and expand in refining projects outside Kuwait, the sources revealed.
The new company will be wholly-owned by the Kuwait Petroleum Corporation (KPC), the unnamed sources told the newspaper, highlighting that there will be no contradictions between the KPC’s current and future contracts.
The reason behind the selection of the UAE in general, and the Dubai free zone specifically, as the destination where the council will establish the company is to make use of the legal and tax privileges, added to the flexibility in carrying out business in the area, the sources added.
