Fuel Fix » Kuwait seeks oil assets to expand abroad after industry shakeup

Fuel Fix » Kuwait seeks oil assets to expand abroad after industry shakeup:

"

Kuwait Foreign Petroleum Exploration Co. is seeking acquisitions including in Southeast Asia to meet output targets, according to its chief executive officer, who the country installed as part of a shakeup of the oil industry.

“The way to do this is through acquisitions, and acquisitions that are not piecemeal but that are strategic in nature,” Kufpec CEO Sheikh Nawaf Saud Al-Sabah said in an interview in Kuwait City. “We are now looking very seriously.”

The state-controlled company has three blocks in Vietnam and one in China, where it would like to do more, he said.

Sheikh Nawaf was appointed in May, along with new chiefs for Kuwait Oil Co., Petrochemical Industries Co. and Kuwait National Petroleum Co., after Dow Chemical Co. won $2.19 billion from Kuwait to compensate for a canceled joint venture. Kufpec, a unit of state Kuwait Petroleum Corp., plans output of 200,000 barrels of oil equivalent a day by 2020, from almost 80,000 now."

'via Blog this'