The overseas investment subsidiaries of large Mideast Gulf state-owned oil companies are boosting their parent firms’ access to reserves and expertise abroad. Kuwaiti KPC’s foreign investment arm Kufpec, and Abu Dhabi’s Mubadala Petroleum — part of state-owned conglomerate Mubadala — were almost privatised at one point. But Kuwait and Abu Dhabi decided to use them instead for strategic tie-ins, creating opportunities for staff from the companies to gain exposure to oil businesses around the world to develop industry experience that can be repatriated.
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