VOL. XLV

No 3

21-January-2002

KUWAIT

SPC Approves New Company ToReplace AOC In Neutral Zone

Kuwaits Supreme Petroleum Council(SPC) on 10 January approved the setting up of a new state firm, Kuwait GulfOil Company (KGOC), to take over the 40-year concession of the Japanese-ownedArabian Oil Company (AOC) for Kuwaits half-interest in the offshore NeutralZone oil and gas fields that officially expires on 4 January 2003.KGOC will be capitalized at KD120mn($390mn). The chairman is Muhammad al-Jazzaf, a...