Clean-out at Kuwait Petroleum Corporation following Dow settlement
Issue 947
- 24 May 2013
| 3 minute read
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.
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