KUWAIT: $155 BLN INTO PROJECTS
Kuwait's government on Sunday announced plans to spend $155bn on projects over the next five years despite the current slump of oil prices, the AFP has reported.
The spending will cover 523 projects in a five-year development plan starting in the fiscal year which begins on 1st of April, according to parliament's financial and economic affairs committee secretary, Mohammad Al Jabri.
Oil makes up around 94% of Kuwait's public revenues but thanks to the emirate's significant wealth funds the price slump will not affect projects, the committee heard.
Oil revenues in Kuwait's new budget from April will be calculated on the basis of $45 a barrel, down from $75 a barrel in the current fiscal year, Jabri said.
Kuwaiti oil closed on $43.21 a barrel on Friday, more than a 60% drop since June last year, when prices peaked at $110 a barrel.
The government has vowed to cut current spending, especially subsidies, which account for 85% of total expenditures but promised not to reduce capital spending on projects.
Last month Kuwait scrapped subsidies on diesel, kerosene and aviation fuel.
However, officials warned of a potential budget deficit in the next fiscal year unless oil prices pick up.
|September, 22, 09:20:00|
|September, 22, 09:15:00|
|September, 22, 09:10:00|
|September, 22, 09:05:00|
|September, 22, 09:00:00|
|September, 22, 08:55:00|
Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.
Iran exported over 5 billion cubic meters (bcm) of natural gas during the first five months of the current Iranian calendar year (March 21-August 22), Dispatching director of National Iranian Gas Company (NIGC) announced.
Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.
Qatargas has agreed to sell 1.5 million tpy of LNG to Turkey’s BOTAŞ Petroleum Pipeline Corporation (BOTAŞ) over a period of three years