Kuwait Oil Company

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Kuwait Oil Company
Industry oil and gas industry
Founded 1934; 80 years ago (1934)
Headquarters Ahmadi, Kuwait
Key people Hashem Sayed Hashem (CEO)
Products petroleum
natural gas
Owners Government of Kuwait
Parent Kuwait Petroleum Corporation
Website www.kockw.com

The Kuwait Oil Company (KOC) is an oil company headquartered in Ahmadi, Kuwait. It is a subsidiary of the Kuwait Petroleum Corporation, a Government-owned holding company. KOC is the world's fourth-largest oil exporter.[citation needed] The managing director of the company is Hashim Sayd Hashim.[1]

History[edit]

The Kuwait Oil Company was founded in 1934 by Anglo-Persian Oil Company and Gulf Oil as an equally owned partnership.[2] The oil concession rights were awarded to the company on 23 December 1934 and the company started drilling operations in 1936.[3][4] First oil was discovered in 1938 in Burgan field, followed by discoveries in Magwa in 1951, Ahmadi in 1952, Raudhatain in 1955, Sabriya in 1957, and Minagish in 1959.[4]

The initial development of the oil industry coincided with the end of the British Raj in India and many British and Indian administrators and engineers transferred from there to Kuwait. The oil town of Ahmadi was set up to house these workers, and was segregated on racial lines. Such segregation continued in the amenities and recreational facilities offered to company employees. Race to a large extent dictated the status of employees and conditions of employment within the company.[5]

When the Royal Navy converted their warships to oil burners instead of coal, the British Government depended on a secure supply of Middle Eastern oil. Figures such as Dame Violet Dickson who lived among the Kuwaitis for 40 years were influential in fostering an excellent relationship with the Kuwaitis. For the mean while, KwIDF is one of the most strategic projects the company participated in to support the oil and gas production in Kuwait.

BP and Gulf were able to obtain the Kuwaiti oil at very favourable terms for sale via their downstream networks in Europe and adjoining areas. During this time, Gulf would claim that it had a "special relationship" with Kuwait. However, all this came to an end in 1975 when the KOC reverted to Kuwaiti ownership.[4]

References[edit]

  1. ^ Raissa Kasolowsky (2 June 2009). "Kuwait oil exec hopes new govt moves on Zour plan". Reuters. Retrieved 6 January 2011. 
  2. ^ Mary Ann Tétreault (1 January 1995). The Kuwait Petroleum Corporation and the Economics of the New World Order. Greenwood Publishing Group. p. 7. ISBN 978-0-89930-510-3. Retrieved 3 February 2014. 
  3. ^ Lester H. Brune (2003). Burns, Richard Dean, ed. Chronological History of U.S. Foreign Relations: 1932–1988 (2 ed.). Routledge. p. 499. ISBN 978-0-415-93916-4. 
  4. ^ a b c Alsharhan, A. S.; Nairn, A. E. M. (1997). Sedimentary basins and petroleum geology of the Middle East (2 ed.). Elsevier. p. 471. ISBN 978-0-444-82465-3. 
  5. ^ Reisz, Todd. "The Orderly Pleasures (and Displeasures) of Oil Urbanism". Portal 9. Retrieved 7 December 2013. 

External links[edit]