Al-Edsani Al-Rashidi: What causes Hashim Hashem’s resignation?
He asked him about the money that the Petroleum Corporation was turning to the General Reserve
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MP Riad al-Adassani asked the Minister of Oil and Water and Electricity and Water Minister Bakhit Al-Rashidi to provide him with the reasons for the resignation of the CEO of Kuwait Petroleum Industries Company (KIPIC) Hashim Hashim, in addition to the amount transferred by KPC to the public funds reserve from its retained earnings. Al-Adassani said in his question that, as discussed in the Budget and Final Account Committee on June 3, 2018, in matters related to the financial situation and the state’s financial reserves, it is planned to transfer between 3 to 4 billion dinars of retained earnings in the oil sector State «General Reserve», please provide me with the exact amount to be transferred and the number of payments and dates of conversion or deposit in the general reserve. He added that the Kuwait Petroleum Industries Company was established in 2016. The budget for the fiscal year 2017/2018 is the company’s first budget and its expenses were estimated at 87.9 million dinars. The company will be responsible for the establishment, ownership, operation and management of the refining and petrochemical complex, which includes the Zor refinery, the integrated petrochemical plant and the permanent facilities for the import of LNG. The projects will be operated by the new company, which will operate about 7.9 billion dinars distributed 4.9 billion dinars from the refinery Zor, and two billion for the petrochemical complex project, and a billion for the import of natural gas. The above projects were withdrawn from the companies that were involved in the interest of the new company, as KNPC was previously responsible for the Zour refinery, in addition to refining the refining activity that was carried out by KNPC in favor of the new company, Crude oil at Al-Zour refinery. The Petrochemicals complex of the Petrochemical Industries Company was also mined for the new company to be linked to Al-Zour refinery, as they were merged into one entity. The company also merged the Kuwait Aircraft Supply Company under the National Petroleum Company. He pointed to the note of the Committee of Budgets and the final account of the Parliament, which considered it necessary to have a serious vision to restructure the oil sector companies as a whole in order to contribute to the rationalization of expenses and visions related to the operational and marketing aspects, especially that the Foundation currently has two companies working in the field of chemicals are the Petrochemical Industries Company and Kuwait Industries Please provide me with the actions that have been taken or will be taken, and provide me with a copy of the resignation of the Chief Executive Officer of Kuwait Integrated Petroleum Industries Company (KIPEC) Engineer Hashim Hashim. Reasons other than those mentioned in the resignation If the answer is yes, please provide me with the reasons.