KUWAIT: State-run Kuwait Petroleum Company (KPC) appointed a new chief executive and suspended other top officials after the country paid $2.2bn in damages to Dow Chemical Co over a scrapped plastics joint venture.
Nizar Mohammad Al Asani replaced Farouk Zanki as CEO at the oil firm and the cabinet approved the nomination of six board members, a statement on state news agency Kuna said. Newspaper Al Rai said that two of the board members were new.
The government also suspended officials at KPC unit Petrochemical Industries Co which pulled out of the $17.4bn K-Dow petrochemical venture in December 2008, citing the deteriorating global economy. It did not give details.
Reuters
