Kuwait Begins Merger of KNPC and KIPIC

Kuwait is undertaking executive steps to merge two of its state-owned oil firms, the Kuwait National Petroleum Company (KNPC) and the Kuwait Integrated Petroleum Industries Company (KIPIC), as part of a restructuring move in its energy industry. This strategic decision, aimed at enhancing adaptability in the rapidly changing global oil and gas markets, aligns with Kuwait's commitment to maintaining its international energy industry stature. KNPC, responsible for the country's refining industry, will acquire KIPIC, which oversees operations at Al Zour refinery. The merger follows a backdrop of fluctuating global oil prices and energy market uncertainties instigated by factors such as U.S. trade tariffs. Kuwait's commitment is underscored by its continued capacity to produce over three million barrels per day, bolstered by significant oil reserves recently discovered. The report from news agency Kuna emphasizes the sector's priority to sustain growth and reliability amidst global market challenges.