Clean-out at Kuwait Petroleum Corporation following Dow settlement


The fallout from Kuwait’s K-Dow saga has seen a string of dismissals and appointments, topped off on 19 May by the appointment of Nizar Mohammad Al-Adsani as chief executive of state-run Kuwait Petroleum Corporation (KPC) and of new managing directors to many of its subsidiaries, in an attempt to “infuse new blood” into the industry. On 7 May, KPC subsidiary Petrochemical Industries Company (PIC) finally settled its dispute with US Dow Chemical Company, paying $2.195bn in damages for pulling out of a $17.4bn deal in 2008.