Jul 21 2012 |
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Petronet Kuwait files for liquidation on monopoly
KUWAIT - Petronet Smart Network Company, one of Kuwait's most inspiring entrepreneurial businesses, filed liquidation with majority shareholder backing, the company said in a statement Friday.The company was forced to shut-down after being impacted by a series of non-competitive actions taken by the illegal monopoly that today controls 66 percent of all of Kuwait's gas stations, and 100 percent of Kuwait private gas stations. As a result, today Kuwait is the only country in the world where the private gas stations are majority owned by a single entity through direct and indirect majority investments, the statement said.
From 2001 till March 2012, Petronet was a market maker and a leader of fuel expense management services.
The company's product is based on a smart card that is issued to the user to pay for fuel expenses. The card is connected to a high-tech network infrastructure across all gas stations, nation-wide. The card and infrastructure supporting it enabled users to track their fuel expenses in a single monthly bill, and monitor the usage, the frequency and the location of every fuel purchase made on the smart card.
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