Kuwait postpones oil privatization

Kuwait -- A plan to privatize part of Kuwait Petroleum Corp. has been postponed until the National Assembly approves a privatization law, it was reported Saturday.

"We are following the directives of the Higher Petroleum Council, KPC Chief Executive Officer Saad Al-Shuwayib said in a statement to the Kuwait News Agency, KUNA.

Al-Shuwayib, who became deputy chairman last week, said privatization requires greater coordination and consolidation between KPC leaders and the company's large workforce.

Projects in the works include developing Kuwait's northern oil field, building a fourth refinery and pursuing oil-purchasing agreements with China, he said.

Copyright 2007 by United Press International.