H.E. Deputy Prime Minister, Minister of Finance, acting Minister of Oil and KPC Chairman met with the Head of KPC and its subsidiaries unions.
The meeting was attended by KPC’s CEO, MDs and subsidiaries’ CEOs.
H.E. the Minister started the meeting with a review of the country’s financial circumstances in light of low oil prices, and their impact on the State’s budget and financial stature, which led to the Cabinet taking several corrective measures to deal with them.
H.E. affirmed the significance of the oil sector to the country, and his complete faith in the necessity of maintaining its uniqueness.
On the other hand, H.E. underlined the necessity of the oil sector taking the initiative in the government and other State bodies participation in the corrective measures being executed.
Moreover, H.E. explained to the unions’ representatives the suggested initiatives by the oil sector to rationalise and cut back expenses, especially those related to some of the employees’ benefits. They also agreed on forming a collective committee that would include members from both sides to discuss suggested initiatives.
Furthermore, H.E. expressed his keenness to defend the sector’s uniqueness if an agreement was reached regarding the bundle of initiatives, which shall halt the increasing cost growth of the sector employees’ salaries and benefits in the upcoming five years, an in turn achieve the targeted rationalisation if the strategic alternative is applied on the oil sector.