Kuwait Petroleum decides to cut its expenses by 50%, except for its operating expenses by 10%

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Kuwait Petroleum Corporation has issued a series of measures to legalize and rationalize spending for the fiscal year in course 2022/2021.

The circular issued by KPC’s interim chief executive, Wafa Al-Zaabi, said the exchange will be curtailed by the budget total operational for the fiscal year in 2022/2021 course of no less than 10%, according to the newspaper Al-Anbaa.

Al-Zaabi said in the circular that participation in all local and foreign exhibitions and conferences will be reduced by 50% of budget approved for the fiscal year in course and participation in external and local training will be reduced except for work needs.

He indicated that official missions will be reduced by 50% compared to those approved in the budget, research, studies and consultancy will be reduced by 50% compared to those approved in the budget and material contracts prime non-essential will be reduced by 50% from those approved in budget, which includes (cleaning, protection and security, data entry and printing, corresponding hotels, hospitality and gifts, advertising and publicity, etc.).

In the circular, Al-Zaabi asked to prioritize construction projects and contracts, postpone unnecessary ones and increase the efficiency of the collection of outstanding debts.

It is specified in the circular that the disbursement will be suspended during the fiscal year 2022/2021 on the following points:

Wellness centers and institutes.

Spring services.

– Social and cultural activities, which include, for example, (Umrah trips, parties of all kinds, recreational and cultural trips, chalets and more).

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