Kuwait to privatise parts of its oil sector – report

Kuwait is going ahead with the privatisation of its oil sector and will offer shares to the public as part of a plan similar to the one pursued by Saudi Aramco, a top finance ministry official was quoted by Kuwait Times as saying.

The privatisation plan will enable Gulf and foreign investors to bid for part of the offered shares, Finance Ministry Undersecretary Khalifa Hamada said, according to the newspaper.

No date given for the privatisation plan.

“This move may be like the Saudi offering of a percentage of Aramco shares,” Hamada quoted as saying, without referencing which parts of the oil sector will be privatised.

On Gulf investments in the United Kingdom following its vote to leave the European Union, Hamada said: “it is for sure that we will be affected by the lack of clarity.”

Kuwait’s measures to tackle Brexit risks will depend on the investment and its size.