Kuwait plotting IPO for KOTC

Government could sell up to 30% of company that controls 32-strong tanker and LPGC fleet.

13 July 2016 9:42 GMT Updated 13 July 2016 20:39 GMT

By Gary Dixon

The Kuwait government is considering an IPO for state owner Kuwait Oil Tanker Co (KOTC).

A deal could see between 20% and 30% of the company sold off, Bloomberg reported, citing the country’s finance minister and acting oil minister Anas Al-Saleh.

The move could be part of a series of IPOs for Kuwaiti oil companies, including refiner Kuwait Petroleum International, Kuwait Foreign Petroleum Exploration Co and Petrochemical Industries Co.