Commercial Foundations for Petroleum Management
Decree-Law No. (67) of 2026 has been issued, introducing amendments to the Law Establishing the Kuwait Petroleum Corporation to enhance the corporation’s management framework on a commercial basis. The amendments include transferring the authority to bid for and award contracts to the Corporation’s Board of Directors to facilitate faster and more flexible operations. Additionally, it prohibits the use of local agents or commission-based agents during contracting and implementation processes. The amendments also revise the start and end dates of the corporation’s fiscal year, expand the powers of the Board of Directors, and allow for future adjustments to the capital. Furthermore, they reinforce the commitment to providing renewable energy in collaboration with the Ministry of Electricity, Water, and Renewable Energy.
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