The Board of Directors of the Kuwait Petroleum Corporation will not renew contracts of senior oil officials who have completed the legal working age of 60 years or those who have served the establishment for more than 35 years in the oil sector.
A local Arabic daily said those included in the decision are the heads of oil companies, managing members and managers saying those who have a few months left have been informed of their impending retirement.
The decision aims to inject new blood into the executive body of the corporation and its subsidiaries and give the opportunity to young leaders. The daily said no exception to decision will be entertained. The source explained there is no change in the criteria, the mechanism and conditions for selecting candidates to fill the vacant positions.
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