Kuwait Petroleum Corp (KPC) said it plans to sell loss-making assets to cut costs as low oil prices pressure its finances.
According to the KUNA state news agency, the chief executive of KPC, Nizar al-Adsani said the company had started efforts to sell its Europoort refinery in the Netherlands.
The company has also decided to shut a fertiliser plant of Kuwaiti unit Petrochemical Industries.
KPC’s affiliates, including Kuwait National Petroleum Co and Kuwait Oil Co, have already cut costs by 15-20 percent, he added.
As part of the exercise, KPC plans to set up a company to manage the integration of its new refinery at Al-Zour and a petrochemical complex and liquefied natural gas facilities, Adsani said.