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Kuwait is taking steps to sell minority stakes in as many as four units of Kuwait Petroleum Corporation (KPC), Bloomberg reported acting oil minister Anas al-Saleh as saying this morning.
“We are looking into privatization,” Al-Saleh was quoted as saying. Kuwait is planning “definitely soon” to sell stakes of 20 per cent to 30 per cent in subsidiaries including the oil tanker and international oil exploration businesses.
He said the government would keep majority control of the energy companies once it listed their shares. He declined to specify dates for the IPOs or estimate how much money they would generate for the government, other than to say, “definitely we would not touch anything if it wasn’t worthwhile.’’