Reports: Kuwait oil minister resigns

Sunday, May 26th, 2013 | Finance News

KUWAIT CITY (AP) — Kuwait media say the Gulf nation's oil minister has resigned after criticism of a $2.2 billion compensation payment over a collapsed business deal.

There was no immediate official comment Sunday on the reported resignation of Hani Hussein, but he has faced calls to be questioned in parliament over the payment to Dow Chemical Co.

Some lawmakers have demanded an investigation into the settlement this month with Dow. The payment was for the 2008 withdrawal of Kuwait's state-run petrochemical company from a planned plastics joint venture.

The websites of several newspapers, including pro-government Al Watan, reported Hussein's resignation was accepted.

Kuwait is one of OPEC's top exporters, but the resignation is not expected to bring disruptions. Kuwait's oil policy is set by a special panel controlled by the ruling family.

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