Kuwaiti KPC Appointed New CEO

Kuwait National Petroleum Co (KNPC) chairman Farouk Al-Zanki has been chosen as the new chief executive of Kuwait Petroleum Corp (KPC), a source familiar with the matter said.

Al-Zanki, who will replace Saad Al-Shuwaib, was informed of his appointment and is expected to start "within these days", the source said. "The contract is usually for three years," the source added. The appointment will not have an effect on the OPEC member's energy policy, the source added.

The new chief executive of the country's top state oil company is also a member of KPC's board, and took the post as KNPC's chairman in 2007. It is not known who will head KNPC, Kuwait's state-refining arm, which is also a unit of KPC. Energy policy in Kuwait, the world's fourth-largest oil exporter, is set by a council that includes oil industry and other government officials. - Trade Arabia