Post by fireopal on Jul 27, 2009 0:01:53 GMT 4
Chevron exits Kuwait over failed deal
Jul 25, 2009
Chevron Corp has closed its head office in Kuwait after it exited talks with state-run Kuwait Petroleum Corp (KPC), over the failure to secure new terms for a technical services agreement (TSA), London-based Middle East Economic Digest (MEED) reported on Friday.
The business weekly reported that Chevron had been trying to negotiate fresh terms for a TSA with KPC subsidiary Kuwait Oil Co (KOC), which expired in August, but failed to do so.
"Chevron elected to close its Kuwait City office following the company's decision not to renew its field technical services agreement, (which elapsed) in August 2008," MEED cited Alex Yelland, a spokesman for Chevron, as saying.
Chevron said it was unable to make enough money from the TSA on its current terms to make it worthwhile for a company of its size and the oil major subsequently shut its Kuwait City office on June 30, MEED reported in its July 24 edition.