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BP injects $16.2m in new oil company in Kuwait

August 14, 2023 at 12:13 pm

A British Petroleum (BP) filling station seen on 20 May 2014 [Mike Mozart/Flickr]

Kuwaiti newspaper Al-Anba yesterday revealed that British Petroleum (BP) has opened a new oil company specialising in working in the energy field in Kuwait.

The new company, the report said, comes with five million Kuwaiti dinars ($16.2 million) of funding and will specialise in working in the fields of oil consultancy, in addition to providing services related to oil and gas extraction, and the establishment and operation of power plants from renewable and alternative energy.

The newspaper explained that the establishment of the company comes in accordance with the provisions of Companies Law No. 1/2016 and its implementing regulations and is subject to the provisions of Law No. 116/2013 regarding encouraging direct investment in Kuwait and its implementing regulations.

The company’s incorporation contract determined the term of the deal to be one year, starting from the date the contract is announced, while stipulating that “this period shall be extended before its expiry by decision of the owner of the company’s capital. If a decision to extend the period is not made and the company continues operating, the company’s period will be extended automatically for the same period of one year under the same conditions.”

The main objectives of the new company includes the establishment of renewable and alternative energy generation plants, the operation of these plants, oil consultancy and services related to oil and gas extraction, with the exception of geological survey services.