Kuwait Petroleum Corp.’s oil buying and selling unit appointed firm veteran Abdullatif Almukhaizeem as chief govt officer, taking the division nearer to beginning operations simply as a clutch of Gulf state-run majors are increasing within the trade.
Robert Johnson, previously with BP Plc and Klesch Group, has been named chief monetary officer of KPC Buying and selling Ltd., the unit’s Chairman Sheikh Khaled Al-Malik Al-Sabah mentioned. He additionally confirmed an earlier Bloomberg report that former Vitol SA govt Yann Elbaz was employed as chief industrial officer.
Kuwait Petroleum established the unit final Could. That adopted comparable strikes by fellow producers in Saudi Arabia, Abu Dhabi and Oman which have boosted their buying and selling of fuels, slightly than ceding that enterprise to conventional commodity retailers similar to Trafigura and Vitol. Refinery expansions within the area are giving the Center East firms extra volumes for buying and selling and to higher compete with rivals from outdoors the area.
- Advertisement -
KPC Buying and selling is anticipated to begin operations within the second quarter of this yr, Al-Sabah mentioned. The corporate “is ready to determine its place in worldwide markets, strengthening Kuwait’s position within the world power commerce,” he mentioned.
Almukhaizeem, who has been at Kuwait Petroleum because the late Nineteen Nineties, beforehand headed the corporate’s places of work in Singapore, China and London, and has helped advance its industrial capabilities. Elbaz, a veteran distillates dealer, will assist drive KPC Buying and selling’s industrial technique, whereas Johnson brings experience in monetary administration, company governance and danger administration, Al-Sabah mentioned.
Kuwait Petroleum beforehand mentioned KPC Buying and selling will increase gross sales of jet gas and diesel to Europe after commissioning the expanded 615,000-barrel-a-day Al-Zour refinery. It could additionally commerce gas from different producers.
Kuwait’s efforts to determine a buying and selling unit return to not less than 2017, however didn’t take off partly due to political dissent. Since then, the nation has added refining capability, giving it extra fuels to promote.
Other than Al-Zour, which is working at full tilt, a brand new 230,000-barrel-a-day joint-venture refinery at Duqm on Oman’s Arabian Coastline can also be working at full capability and processing crude from Oman and Kuwait. Oman’s OQ Buying and selling is at present dealing with gross sales from the refinery for the companions till Kuwait’s buying and selling unit is totally up and working.
Generated by readers, the feedback included herein don’t replicate the views and opinions of Rigzone. All feedback are topic to editorial overview. Off-topic, inappropriate or insulting feedback will likely be eliminated.
MORE FROM THIS AUTHOR
Bloomberg
