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Kuwaiti oil minister resigns following K-Dow payment; Maha Mulla Hussain replaced at PIC

11:38 AM MDT | May 27, 2013 | Natasha Alperowicz

Asaad Al Saad new managing director of PIC. Kuwaiti oil minister Hani Hussein resigned on Sunday over the $2.2 billion penalty payment to Dow Chemical earlier this month. He stepped down to avoid being questioned in parliament over the payment and other issues. Kuwait’s cabinet accepted his resignation and appointed finance minister Mustafa Al Shimali as acting oil minister, state-run Kuna news agency reported. Hussein's resignation was accepted Monday.   Last week Hussein reshuffled the oil sector under cabinet pressure, changing a number of leading...

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