Louisiana Light • 1 day | 73.63 | -1.24 | -1.66% | |||
Bonny Light • 1 day | 75.68 | -0.89 | -1.16% | |||
Opec Basket • 1 day | 76.55 | +1.08 | +1.43% | |||
Mars US • 18 hours | 71.59 | -1.24 | -1.70% | |||
Gasoline • 10 mins | 2.613 | +0.000 | +0.01% |
Bonny Light • 1 day | 75.68 | -0.89 | -1.16% | |||
Girassol • 1 day | 78.20 | -0.88 | -1.11% | |||
Opec Basket • 1 day | 76.55 | +1.08 | +1.43% |
Peace Sour • 10 hours | 65.54 | -1.24 | -1.86% | |||
Light Sour Blend • 10 hours | 66.84 | -1.24 | -1.82% | |||
Syncrude Sweet Premium • 10 hours | 75.79 | -1.24 | -1.61% | |||
Central Alberta • 10 hours | 65.14 | -1.24 | -1.87% |
Eagle Ford • 1 day | 67.77 | -1.24 | -1.80% | |||
Oklahoma Sweet • 1 day | 67.75 | -1.25 | -1.81% | |||
Kansas Common • 3 days | 62.00 | +0.00 | +0.00% | |||
Buena Vista • 7 days | 76.40 | +1.64 | +2.19% |
The emerging power struggle on…
Gulf Cooperation Council (GCC) countries…
In December 2008, just a few months after the global financial collapse, Petrochemical Industries Co., a subsidiary of Kuwait Petroleum Corp., pulled out of a $17.4 billion contract with K-Dow Petrochemicals, citing the poor global economy as the reason.
The deal between the two companies was considered politically sensitive, and this led to Dow Chemicals suing Kuwait Petroleum Corp., in 2012 eventually being awarded $2.2 billion in damages, after having been found guilty of violating the agreement.
After a few more rough years, Kuwait Petroleum Corp. (KPC) decided in May, to sack the heads of its eight subsidiary companies, the company’s largest ever shake-up, and a move that they hoped would lead to better management and response strategies during difficult times in the future.
Related article: Energy’s Biggest Names Converge in a Tired, Old Place
In an attempt to avoid any such mistakes in the future, Kuwait Petroleum has now signed a $38 million training contract for the new heads of its subsidiaries, designed to improve their competence.
KPC announced that it signed the five year training deal with National Technologies Enterprises Company, an organisation mandated by the Kuwait Council of Ministers with the intent of improving and developing the application of new technologies ion government and private sectors.
Nizar Al-Adsani, the Vice President and CEO of KPC, explained that the new contract will help with Kuwait’s policy to improve the skills of leading figures in the oil industry, in order to prepare them for future oil and petroleum projects that are planned as a part of the county’s development strategy.
Anas Mirza, from the National Technologies Enterprises Company, confirmed that “training and rehabilitating national force work” was one of the tasks laid out in the contract.
ADVERTISEMENT
Joao Peixe of Oilprice.com
U.S. Gasoline Prices Are Set For A Significant Decline
Iran Seizes Third Oil Tanker As U.S. Boosts Military Presence
Oil Markets Shocked By Across the Board Inventory Builds
OPEC’s Smallest Producer Sees Crude Oil Exports Drop To Zero
Finland’s Electricity Prices Fall Below Zero
ADVERTISEMENT
The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction.
Trading and investing carries a high risk of losing money rapidly due to leverage. Individuals should consider whether they can afford the risks associated to trading.
74-89% of retail investor accounts lose money. Any trading and execution of orders mentioned on this website is carried out by and through OPCMarkets.
Merchant of Record: A Media Solutions trading as Oilprice.com