Middle East Economic Survey

VOL. XLVIII

No 51

19-December-2005

KUWAIT

Kuwait Completes GlobalSantaFe Shares Sale, Cuts Stake In BP

Kuwait Petroleum Corporation (KPC) said in a statement published on 15 December that it had sold its remaining 29mn shares in GlobalSantaFe for $48.85 a share. Last April it sold 23.5mn shares back to GlobalSantaFe, reducing its stake in the company from 18.2% to around 8.5% (MEES, 18 April). KPC began the sale of shares in 2000 (MEES, 12 June 2000).

On 9 December, the...