RUSSIA & KUWAIT COOPERATION
Russia's President Vladimir Putin met with Emir of Kuwait Sabah Al-Ahmad Al-Jaber Al-Sabah this week to discuss opportunities for cooperation in the fields of energy and diplomacy. The two countries also signed a memorandum for military technical cooperation.
"Following their talks, the two heads of state attended the signing of a package of documents," a statement released by the Kremlin on Tuesday says. "These include an intergovernmental agreement on visa-free travel for holders of diplomatic, official and special passports, and memorandums on cooperation in culture and the arts and in transportation, of intent in military technical cooperation and on mutual understanding between Gazprom and the Kuwaiti Oil Corporation."
The memorandum of understanding between Kuwait Petroleum Corporation (KPC) and Gazprom was signed by KPC's CEO Nizar Al-Adsani and Gazprom's Chairman of the Board of Directors, Alexey Miller.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
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IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.