KUWAIT CITY, Kuwait - New executives have been appointed for the subsidiaries of Kuwait Petroleum Corp, after a new KPC chief was named, the national oil firm said Monday.
The major reshuffle to Kuwait's vital oil sector was taken at a meeting late Sunday by KPC board of directors headed by Oil Minister Hani Hussein, replacing all the top executives of the eight subsidiaries and other departments in the KPC.
KPC said in a statement that the reshuffle wasn't linked to the crisis over the controversial payment of a $2.2 billion penalty to U.S. Dow Chemical Co. for scrapping a joint venture in December 2008.
The firm also introduced a new system under which a chairman and a managing director are appointed for each oil company instead of a managing director alone, according to the statement sent to AFP.
The long-serving Sami al-Rasheed, who was the managing director of Kuwait Oil Co., responsible for oil and gas exploration and production in the OPEC member, was among those replaced.
The new measures also removed Fahad al-Adwah, the managing director of national refiner Kuwait National Petroleum Co.
The reshuffle in the oil sector, which contributes 95% of Kuwait's revenues, comes after Faruq al-Zanki was dismissed as KPC chief executive officer and replaced by Nezar al-Adasani last week.
Copyright (c) 2012 Dow Jones & Company, Inc.
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