How did Kuwait gain full control of the Kuwait Oil Company?

The Kuwait Oil Company (KOC) was originally established in 1934 as a joint venture, with ownership divided equally between the British Petroleum Company and the Gulf Oil Corporation.1

Following decades of oil development and production, the government of Kuwait gradually increased its influence over the nation's primary resource. By 1976, Kuwait successfully achieved complete control of the KOC. Under this transition, the former owners were granted the right to continue purchasing oil at a discounted rate. This move was part of a broader effort to consolidate the state's energy sector, which later led to the 1980 formation of the Kuwait Petroleum Corporation to oversee all national oil interests.1