Kuwait to expand oil firm board to nix opposition

Kuwait is to name additional directors to state-owned oil conglomerate Kuwait Petroleum Corp. to overcome resistance from the existing board to government plans to take greater control, reports said Tuesday.

The cabinet agreed to increase the board membership from nine to 16 to allow Oil Minister Ali al-Omair to appoint seven new members to the board appointed two years ago, Kuwaiti newspapers reported.

The move will allow the minister to make changes at KPC's eight subsidiaries to boost his control over the vital sector which contributes more than 90 percent of public revenues, Al-Jarida newspaper said.

The daily said that several senior KPC executives were expected to resign in protest at the cabinet's decision.

Kuwait is pumping around 2.8 million barrels per day and says it sits on about 10 percent of world reserves.
Source: AFP