KPC Approves Final Accounts of Oil Sector Services Company as Liquidation Concludes

Kuwait Petroleum Corporation's board of directors, sitting as the ordinary general assembly of Oil Sector Services Company, approved the company's closing liquidation accounts and declared the liquidation complete at a meeting held on 10 August 2026 chaired by the Minister of Oil. The minutes were published in Kuwait Al-Youm Issue 1805, dated 23 August 2026 (pages 28 to 29 and 176 to 179).

The accounts show the liquidation was completed on 30 June 2026. Remaining funds of KWD 53,593,962 were transferred to Kuwait Petroleum Corporation on that date, and a provision of KWD 3.6 million was retained for pending court cases, including around KWD 237,000 covering twenty final judgments. The assembly discharged the liquidation committee and approved recording the end of the liquidation and striking the company from the commercial register.

Oil Sector Services Company was established in 2005 and provided support services to the oil sector, including housing, social and health services and site security. The Supreme Petroleum Council, acting as the company's extraordinary general assembly, resolved to liquidate it on 18 June 2025, and the Minister of Oil appointed the liquidation committee in January 2026 by Decision No. 4 of 2026. The wind-up forms part of a wider restructuring of KPC subsidiaries, the same programme that produced the merger of KIPIC into KNPC earlier this year.

WEFAQ's view: once the deregistration is recorded, the company ceases to exist as a legal person. Counterparties and claimants should confirm that their claims are captured within the litigation provision set aside in the final accounts, because pursuing recovery after a company is dissolved is considerably harder.

Source: Minutes of the 21st ordinary general assembly of Oil Sector Services Company (under liquidation); Kuwait Al-Youm Issue 1805, pages 28-29 and 176-179, dated 23 August 2026.

This article is provided for general information only and does not constitute legal advice. For advice specific to your circumstances, please contact WEFAQ Law Firm.