Kuwait issues decree-law amending Kuwait Petroleum Corporation law
Kuwait has issued Decree-Law No. 67 of 2026 amending several provisions of the law establishing the Kuwait Petroleum Corporation (KPC), in a move aimed at modernizing the sector, enhancing operational efficiency, and strengthening the corporation’s competitiveness in the evolving global energy market.
The amendments emphasize managing KPC on commercial principles and expand its mandate to include renewable energy projects to meet the needs of the corporation and its subsidiaries.
The decree also grants KPC greater operational flexibility by transferring several administrative powers from the Supreme Petroleum Council to the corporation’s Board of Directors, particularly in matters related to contracting and business operations.
Under the new provisions, the Minister of Oil will continue to chair KPC’s Board of Directors, while the Chief Executive Officer will serve as Vice Chairman and oversee the corporation’s technical, administrative, and financial operations.
The amendments further prohibit the use of local or commission agents in contracts with KPC and its wholly owned subsidiaries and align the corporation’s fiscal year with national budget regulations.
The existing Board of Directors will continue its duties until the end of its current term or until a new board is formed under the amended law. The decree takes effect upon its publication in the Official Gazette.
The government said the amendments are designed to help KPC maximize oil revenues, adapt to developments in the global energy industry, and maintain Kuwait’s leading position in the regional and international petroleum sector.
