By: Ahmad Awad

Kuwait-Mubasher: State-run Kuwait Petroleum Corporation (KPC) will be focusing on the expansion of its petrochemical activity in the coming period, CEO Nizar Al-Adsani said.

KPC will review the structure of the corporation and its subsidiaries to evaluate the existing investments in order to exit or sell the unprofitable ones, Al-Adsani noted on the sidelines of an oil and gas conference held Monday.

A new financial policy will be applied to fund new projects by borrowing from financiers and banks, the CEO added.

The oil industry is facing unprecedented challenges since the oil glut in the 1980s, amid weakening exploration activity and decreasing revenues, Al-Adsani clarified.