Latest news with #KuwaitPetroleum
Zawya
2 days ago
- Business
- Zawya
KPC approves new emergency leave rules
KUWAIT CITY: In light of the tremendous efforts exerted by nationals working in the oil sector, their dedication to work and the desire of the oil leadership to provide more comfort that motivates them to join the sector, which has become an attractive environment for Kuwaiti talent of both genders; Chief Executive Officer (CEO) of Kuwait Petroleum Corporation (KPC) Sheikh Nawaf Al-Saud Al-Sabah issued a decision approving the amendment of the regulations for granting emergency leave, under the powers stipulated in the administrative regulations in force at the corporation, with the addition of some amendments, say reliable sources. Sources disclosed that the most important amendment states 'an employee or worker may be granted emergency leave not exceeding four days during the calendar year in the presence of emergency circumstances specific to him without submitting documents, provided that he obtains the approval of his direct supervisor before taking this leave. The leave shall be used separately, not interconnected, and shall not be linked to any other leave stipulated in the approved regulations.' Sources informed the newspaper that the aforementioned emergency leave shall be deducted from the 10 days allocated for emergency leave during the calendar year. The conditions also include standardizing the calculation of emergency leave, so that it shall be taken during the calendar year rather than the contractual year. The regulations in force regarding emergency leave related to the illness of a family member of the employee or worker, their hospitalization or a medical appointment shall be maintained. The resolution also requires the relevant authorities to take the necessary measures to implement this amendment. This resolution shall take effect at the beginning of July, and all conflicting resolutions shall be repealed, sources added. It is worth mentioning that the approval of the CEO of KPC to amend the emergency leave system is based on the recommendations issued by the Labor Relations Committee in its meeting no. 3/2025 held on April 8, 2025 regarding approval to amend the emergency leave system for workers in the oil sector, by allowing the employee or worker to go on emergency leave not exceeding four non-consecutive days during the calendar year, deducted from the 10 days approved for emergency leave with the approval of the direct supervisor before enjoying the leave. Sources also revealed that KPC will conduct administrative specialization tests for those who meet the conditions on June 13; indicating that the corporation -- through the job advertisements that it announces from time to time -- aims to attract competent manpower with the required specializations to ensure continuous leadership in the oil sector. Sources said there are more advantages for all employees in the companies affiliated with the corporation, especially since Sheikh Nawaf Al-Saud Al-Sabah always recommends to all leaders of the companies affiliated with the corporation the necessity of motivating the nationals working in the oil sector, while listening to all their demands in accordance with the regulations, especially since the approach of KPC is to implement a strategy to enhance reliance on national workforce and provide all the privileges that guarantee job security for nationals. Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (
Zawya
08-05-2025
- Business
- Zawya
Kuwait crude oil gain $1.97 Wed. to v64.05 pb
KUWAIT, May 8 (KUNA) -- Kuwait crude oil rose USD 1.97 during Wednesday's trading to reach USD 64.05 per barrel compared with USD 62.08 pb the day before, Kuwait Petroleum Corporation (KPC) said Thursday. Brent futures dropped USD 1.03 to USD 61.12 pb and West Texas Intermediate lost USD 1.02 to USD 58.07 pb. All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (
Express Tribune
16-04-2025
- Business
- Express Tribune
Kuwait extends oil credit facility for two years
Listen to article Kuwait has extended the deferred oil payment facility for two years to ease pressure on Pakistan's foreign exchange reserves. Pakistan State Oil (PSO) – a state-owned oil marketing giant – imports three cargoes of oil every month from Kuwait on 90-day deferred payments. The total volume of oil supply on credit is 1.8 million tons per year. Now, this credit facility has been extended for two years. Federal Minister for Petroleum Ali Pervaiz Malik met Kuwaiti Ambassador Nassar Abdulrahman J Almutairi at the Ministry of Petroleum. Malik expressed gratitude for the support provided by brotherly countries, including Kuwait, which was pivotal for the structural reforms undertaken by the government of Pakistan. The Kuwaiti ambassador commended Pakistan's significant economic progress under the leadership of Prime Minister Shehbaz Sharif, particularly in stabilising the economy and improving the investment climate. He expressed confidence in Pakistan's growth trajectory and reaffirmed Kuwait's commitment to deepening economic and energy partnerships between the two nations. Ali Pervaiz Malik, while acknowledging the support extended by Kuwait, mentioned that the oil credit facility had been extended for two years by Kuwait Petroleum. "The relations between PSO and Kuwait Petroleum are progressing very well," he said, adding that Kuwait Foreign Petroleum Exploration Company (Kufpec) was already working in the exploration sector and its interest in offshore blocks was welcome. Their discussion centred on strengthening bilateral energy cooperation and exploring avenues for investment in Pakistan's petroleum sector. Ali Pervaiz Malik emphasised Pakistan's dedication to fostering stronger ties with Gulf nations, particularly in energy and trade. The meeting concluded with the resolve that both sides would build on the existing relationship between Pakistan and Kuwait.
Arab News
16-04-2025
- Business
- Arab News
In a first, Kuwait extends oil credit facility to Pakistan for two years
ISLAMABAD: Kuwait has extended an oil credit facility to Pakistan for an additional two years, state-run media reported on Wednesday, with the development expected to help Islamabad manage its energy imports and maintain foreign exchange reserves. The extension marks the first time that Kuwait has prolonged the credit facility for two years. The Gulf country typically grants Pakistan one-year extensions. Expensive energy imports dominate Pakistan's import bill. Suffering from a prolonged economic crisis for the past two years, Pakistan relies heavily on credit facilities and rollovers to maintain its foreign exchange reserve levels. In February this year, Saudi Arabia agreed to defer a $1.2 billion payment on Pakistan's oil imports by one year. 'Kuwait has extended oil credit facility for Pakistan for another two years,' state broadcaster Radio Pakistan reported following a meeting between Kuwait's ambassador to Pakistan and Petroleum Minister Ali Pervaiz Malik. It said Malik thanked Kuwait for the 'special concession,' adding that the facility has been extended by Kuwait Petroleum to the Pakistan State Oil. 'On the occasion, the two sides agreed to strengthen bilateral cooperation in the energy sector,' the state media said. The Kuwaiti ambassador commended Pakistan's significant economic progress, particularly in stabilizing the economy and improving the investment climate, Radio Pakistan said. He expressed confidence in Pakistan's growth trajectory and reaffirmed Kuwait's commitment to deepening economic and energy partnerships between the two nations. Malik stressed Pakistan's dedication to fostering stronger ties with Gulf nations, particularly in energy and trade. Like most Gulf nations, Islamabad has cordial relations with Kuwait, which hosts around 95,000 Pakistanis. It enjoys cooperation with Kuwait at the UN, the Orgainsation of Islamic Cooperation (OIC) and other multinational forums such as the Financial Action Task Force (FATF).
