KUWAIT CITY, Jan 6: The Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced the completion of the exit process from its subsidiary (KUFPEC Norway Limited) and its assets after the Norwegian authorities approved this deal, which was effective as of January 1, 2023.

KUFPEC said in a statement to Kuwait News Agency (KUNA), Friday, that during the past year it also achieved another achievement through the successful exit of its subsidiary (KUFPEC China Inc.) in the People's Republic of China.

KUFPEC CEO Mohammed Al Haimer said -- according to what the statement quoted -- that the company is working diligently to enhance its current portfolio and maximize the value of its assets through successful exit operations and intensifying efforts to develop projects, support exploration activities and achieve its strategic goals.

Al-Haimer added that the company succeeded during the exit operations in reducing expected costs as a result of the high efficiency and exceptional efforts made by the company’s work teams.

He explained that KUFPEC worked in both Norway and China to provide valuable contributions to the oil and gas sectors, expressing his thanks to both the Norwegian and Chinese governments for these opportunities that enabled the company to be part of their growth strategies.

The Kuwait Foreign Petroleum Exploration Company (KUFPEC) is a subsidiary of the Kuwait Petroleum Corporation and undertakes exploration and production of oil and natural gas outside the State of Kuwait.

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