Kuwait Petroleum Decides to Wind Up Operations in Pakistan
KUFPEC is a subsidiary of Kuwait Petroleum Corporation (KPC), which was established in 1981.
Kuwait Foreign Petroleum Exploration Company (KUFPEC) has started winding up its operations in the oil and gas sector in Pakistan.
In this regard, it has sold its key assets worth approximately 60 million dollars to Pakistan Exploration (Private) Limited.
This information was shared with Jang by a senior official of the Ministry of Energy.
Foreign E&P companies are troubled by the circular debt of 2.7 trillion rupees in the gas sector, which includes 1.5 trillion rupees owed to domestic and foreign E&P companies, including 600 million dollars.
This issue arises from non-payment by Sui gas companies.
The one-year delay in the approval of the amended E&P Policy 2012 also forced the Kuwaiti company to make this decision.
However, KUFPEC decided to sell its assets in Pakistan to gain capital, which can be used for investments in other countries.
KUFPEC is a subsidiary of Kuwait Petroleum Corporation (KPC), which was established in 1981.
This organization works in the exploration and expansion of crude oil and natural gas abroad, including in countries like Australia, Asia, Africa, North America, and Europe.
According to KUFPEC’s CEO, Mohammed Al-Hair, the company intends to establish Memorandums of Understanding (MOUs) to promote strategic partnerships.