Kuwait denies BP acquisition plans

06 July 2010

State-run Kuwait Foreign Petroleum Exploration (Kufpec) has denied a local media report about plans to acquire some of BP's Middle East and Asian assets, Reuters has reported. Citing sources, a report by Arabic daily, Aljarida has said Kufpec is reviewing investing in oil fields in Egypt, Yemen and East Asia due to BP's need for liquidity. Kuwait, the world's fourth-largest oil exporter, is not in direct talks with the British firm, the newspaper said.

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