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Kuwait Petroleum spends $38m to make bosses more competent
September 3, 2013, 12:38 pm

State-owned Kuwait Petroleum Corp (KPC) has signed a $38m (KD10.8m) training contract to “enhance the competence” of oil and gas leaders four months after it sacked the heads of all of its eight subsidiaries.

KPC confirmed on Monday that it had inked the five-year deal with “most prestigious training international institutions”, National Technologies Enterprises Company.

Vice president and CEO of KPC, Nizar Al-Adsani, said the contact came in line with the country’s policy to improve the skills of leading figures in the oil industry and ready them to tackle major future oil and petroleum projects as part of Kuwait’s development plan.

In May, KPC sacked the heads of all of its eight subsidiaries in the company’s largest ever shakeup, following a controversial $2.2bn compensation payment to US firm Dow Chemical.

The $2.2bn damages payment, which also led to the company being referred to the public prosecution, came after KPC subsidiary, Petrochemical Industries Co, pulled out of $17.4bn K-Dow petrochemical venture in December 2008, citing the deteriorating global economy.

K-Dow was a politically sensitive deal and last year the International Chamber of Commerce’s International Court ruled that PIC had violated its agreement with Dow Chemical.

Lawmakers also called on the government to refuse to handover the money and the payment has caused recent unrest in the parliament, which had been experiencing relative stability following years of clashes.

National Technologies Enterprises Company Anas Mirza said “training and rehabilitating national force work” was one of the tasks assigned to the company.

He said it had been expanding its relationships in order to position itself as a technology gateway and advisor for both the governmental and private sectors.

This would bridge the gap between both sectors in support of Kuwait’s aggressive development plan, he said.

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