Kuwait City, Dec 07: Kuwait has decided to partially privatise more than 120 petrol stations owned and run by the Emirate's oil giant Kuwait Petroleum Corp. (KPC), the official Kuna news agency said today. Kuna quoted an unnamed source at the ministry of commerce and industry as saying KPC has decided to set up three companies, each with a capital of 60 million Dinars (USD 200 million).
KPC will maintain a 20-percent stake in each company and the remaining shares will be sold to the public. Each company will own and manage 40 petrol stations, the source said.
The first of the three companies will be set up within the next two months, and the other two will be established after between six months and one year.
KPC will continue to oversee the companies for an unspecified period of time before completely privatising the stations, the source added.
The issue of privatising petrol stations has been held up for several years for failing to resolve the issue of hundreds of Kuwaits employed at the stations and who receive high salaries.
Bureau Report