subject: Kpc A Piece Of Kuwaiti History [print this page] Boasting a highly diversified business spectrum within the hydrocarbon industry the Kuwait Petroleum Corporation is owned by the state in Kuwait.
The corporation was initially begun during the 1980s in order to have a common umbrella organization that would look into the countrys highly complex oil interests. In terms of its involvement the company is engaged in almost every facet of the gas and oil industry. In addition it is even involved in the production of petrochemical goods, which are mandatory for the production of several amenities.
What is interesting about KPC is that it was formed during a very turbulent period for the country in the 70s, when the Middle East was locked in conflict. It was during the period of post colonialism that Kuwait began to see the seeds of nationalism sprouting. Having gained independence during the 1960s it joined the United Nations in 1963. While the prices of oil at that time where constantly changing the main concern of Kuwait was to maintain a grip over its resources which would be used to develop the country.
Although many other Arab countries began to bring their oil industries under state control, Kuwait continued to remain under the Kuwait Oil Company along with two concessionaires being the Gulf Oil in the US and British Petroleum. In 1973 when the Israeli-Arab war broke out OPEC came into the spot light and was instantly an organization everyone had to stop and take notice of.
However, the countrys sovereignty was at stake and it couldnt continue in this manner. It was in 1972 that an agreement was drawn up between the KOC partners for the government to buy 25 percent of KPC. Since Kuwaits Parliament was very concerned by the fact that oil was being siphoned and converted into dollars, it instructed KPC to limit the production.
However, after many an uphill battle finally in 1979 the Government acquired KPC.
The KPC is situated in the countrys business centre and for those travellers who frequent the area accommodation at one of the star classed Al-Jahra Copthorne Hotel & Resort that the city offers is easy to find. For instance Kuwait hotels is ideally placed to suit business interactions in the north of Kuwait.
by: Pushpitha Wijesinghe
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