In a cabinet shake-up, Bakheet El Rashidi, CEO of Kuwait Petroleum International (KPI), has been appointed as Kuwait’s new oil minister, Bloomberg reports.
Under El Rashidi, KPI has invested in refining operations across Asia, according to Arabian Business. The company will have the capacity to refine 500,000 barrels a day (b/d) in its refineries outside Kuwait in five years, El Rashidi said in an interview this summer.
He will replace Issam Almarzooq, who was appointed to the position in December 2016, according to Bloomberg.
KPI is a branch of the state-owned and operated Kuwait Petroleum Corportation (KPC).