KPC forms panel following Audit Bureau remarks

Kuwait Petroleum Corporation will form a panel of investigation following reports issued by the Audit Bureau including remarks about suspected irregularities in the operations of marketing and supplying and distributing diesel in the domestic market.A KPC statement, released on Monday, said the Chief Executive Officer (CEO) Farouk Al-Zanki issued a decision stipulating formation of the special commission to cross examine the suspected flaws in these sectors.This decision has been issued out of keenness on protection of the public funds, the national resources, the supplies and assets of the national oil sector, the statement said. It is also intended to affirm the lasting obligation to "firmly confront any forms of illegal or illegitimate acts targeting the public funds," it stressed.The KPC devotes special concern for enacting and applying strict regulations and rules aimed at regulating the operations in the oil sector, activating continuous, advance and post supervision and governance against any violations of these standing rules, the official statement elaborated.The committee will be in charge of reviewing remarks made by the Audit Bureau, related to the procedures concerning marketing, supplies and distribution of the diesel in the domestic market, in addition to assessing the internal supervision regulations to ensure efficiency and pin point the defects that may prove detrimental to the public funds, as well as making proposals for solutions.The commission, due to function for three months, will enjoy broad jurisdictions including review of previous investigations in the oil sector, examining all relevant documents and hearing testimonies by prospected witnesses.Its powers include recommending investigations and taking punitive action against violators of the law for protection of the public funds.