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2015-01-18 13:55:00

KUWAIT: $155 BLN INTO PROJECTS

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.

arabianoilandgas.com

Tags: KUWAIT, OIL, PRICES

Chronicle:

KUWAIT: $155 BLN INTO PROJECTS
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

KUWAIT: $155 BLN INTO PROJECTS
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

KUWAIT: $155 BLN INTO PROJECTS
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

KUWAIT: $155 BLN INTO PROJECTS
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

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