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Wednesday , March 29 2017
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Kuwait

Kuwait sees $50-55 oil as ‘good’ for producers

KUWAITTT'

KUWAIT CITY: Oil at $50 to $55 a barrel would put producers in a “good position” with stockpiles expected to fall later this year, according to Kuwait’s Oil Minister Issam Almarzooq. “I think if we can retain $50 to $55 throughout 2017 I think we will be in a good position,” Almarzooq said in a Bloomberg TV interview from Kuwait ... Read More »

Gulf countries set to drive global 2017 sovereign debt issuance

KUWAIT

KUWAIT CITY: Gulf countries are forecast to drive the bulk of 2017 sovereign debt issuance, followed by Latin America, according to Bank of America Merrill Lynch. Its latest GEMs Macro Monthly report said it expects Saudi Arabia, Argentina, Qatar and Kuwait to be the largest gross and net debt issuers in 2017. It said these four issuers could account for ... Read More »

Kuwait Stock Exchange appoints new chairman

KUWAIT

KUWAIT CITY: The Kuwait Stock Exchange has selected a new chairman for its board of directors, following the appointment of its previous chairman as oil minister in December, it said in a statement on Saturday. The bourse named as chairman Mohammed Ahmed Alsaqqaf, a member of the board’s executive committee and nomination and remuneration committee. Kuwait’s emir appointed previous chairman ... Read More »

Kuwait to sell 50% of independent power project in IPO this year

KUWAIT

KUWAIT CITY: Kuwait plans to conduct its first initial public offer of shares in an independent power project by this end of this year, selling a 50 percent stake, Oil Minister Essam al-Marzouq said on Monday. Marzouq was speaking at a briefing by the government on its long-term economic plans. The government had previously said it planned to sell shares ... Read More »

Gulf states set to discuss regional rail project in April

KUWAIT

KUWAIT CITY: The six-member Gulf Cooperation Council (GCC) will discuss the likelihood of constructing a regional rail network by 2021 at a meeting of regional ministers in April, a United Arab Emirates minister said on Tuesday. The regional bloc made up of Saudi Arabia, the UAE, Bahrain, Kuwait, Oman and Qatar last year reached an agreement in principle to delay ... Read More »

Hospital contract worth $817m awarded in Kuwait

KUWAIT

KUWAIT CITY: A joint venture (JV) between SSH and Studio Altieri has been appointed as the main design consultancy for the Kuwait New Maternity Hospital (KNMH). The JV company will work in conjunction with the appointed design-and-build (D&B) contractor, Impresa Pizzarotti. The total contract value is $817m (KWD250m) and is to be delivered within a 54-month timeframe. Site work commenced ... Read More »

Kuwait’s $8b bonds trade near Abu Dhabi after debut issue

KUWAIT

KUWAIT CITY: Kuwait’s $8 billion debut international bond issue traded close to Abu Dhabi bonds in the secondary market on Tuesday, suggesting the Gulf’s gold standard for sovereign debt now has competition for investors’ attention. On Monday, Kuwait’s government sold $3.5 billion of five-year bonds and $4.5 billion of 10-year debt. Orders for the issue totalled a massive $29 billion, ... Read More »

Kuwait willing to extend OPEC deal

KUWAIT

KUWAIT CITY: Kuwait will support the extension of a global deal to cut oil supply beyond June, the country’s oil minister said on Monday as the market needs more time to rebalance. “Kuwait supports the extension of the deal beyond June … as it will speed up rebalancing of the market and will help bring prices to acceptable levels for ... Read More »

Kuwait’s debut international bond attracts $15b orders

KUWAIT

KUWAIT CITY: Kuwait’s dual-tranche international debut bond has attracted order books in excess of $15 billion, a document issued by one of the lead banks showed. The debt sale, expected to price on Monday, is split into five-year and 10-year tranches. Initial price guidance was earlier released in the 100 basis points over US Treasuries area for the five-year tranche ... Read More »

Kuwait wants OPEC to extend output cuts beyond June

KUWATI

KUWAIT CITY: Kuwait wants OPEC to extend output cuts beyond June, becoming the producer group’s first member to call for more time to balance the global oil market as the rally that boosted prices initially on the curbs has faded. U.S. inventories have climbed more than expected, causing prices to decline even as global producers cut their output, Kuwait’s Oil ... Read More »

Saudi Arabia, Kuwait to restart neutral zone production

Saudi Arabia, Kuwait to restart neutral zone production

RIYADH: Saudi Arabia and Kuwait are discussing the potential restart of production from neutral zone fields between the two countries that were taken off world markets in 2015 due to an ongoing dispute. The neutral zone produces more than 470,000 barrels of oil per day (Mbbl/d) from onshore and offshore fields. The onshore Al-Wafra Field has a production capacity of ... Read More »

Kuwait to ensure tax not exploited for pricing

KUWAIT CI

KUWAIT CITY: Deputy Prime Minister and Minister of Finance said his ministry will study the possibility of exempting some sectors from valued added tax (VAT) because of their importance, when setting up the local tax law. In reply to a query from MP Safa Al-Hashem, Al-Saleh said the GCC will adopt a common list of goods and services that will ... Read More »

Kuwait agrees to build oil pipeline in Pakistan

KUWAIT

KUWAIT CITY: Kuwait has agreed to pour millions of dollars into building a white oil pipeline from Pakistan’s south to north for transporting petroleum products from the port city of Karachi to major consumer Punjab. “During a recent visit to Kuwait, Pakistani officials invited the Gulf oil producer to set up an oil refinery in Balochistan and lay a white ... Read More »

Agility profit up 10.6% to 193m

KUWAIT]

KUWAIT CITY: Agility, a leading global logistics provider, reported a net profit of KD59.1 million ($193.15 million) for 2016, an increase of 10.6 per cent over the same period in 2015. Revenue for the year stood at KD1.234 billion and EBITDA KD115.2 million, the company said. The earnings per share was 51.3 fils. For the fourth quarter 2016, Agility reported ... Read More »

Kuwait to impose 59% tax rate on foreign oil firms’

KUWAIT

KUWAIT CITY: The tax rate imposed on foreign oil companies that operate in the divided zone between Kuwait and Saudi Arabia and are subjected to the laws of Kuwait is 59 percent, reports Al-Shahed daily quoting informed sources. They said the tax rate is based on several factors topped by the companies’ income and the concluded contracts. The sources revealed ... Read More »

Inflation hits over 2 year high of 3.3% in February

KUWAIT

KUWAIT CITY: Inflation rose in February due to a much heavier food basket, hitting a 27-month high, according to the National Economic and Development Authority (NEDA). Preliminary data released by NEDA on Tuesday, March 7, showed that inflation hit 3.3% in February, up from the 2.7% seen at the start of the year. “The inflation outlook for 2017 remains within ... Read More »

Kuwait to focus on downstream to boost economy

KUWAIT

KUWAIT CITY: Kuwait’s latest budget will focus capital expenditure on downstream oil and gas activities during FY 2017/18 in a bid to create jobs, offset falling crude export revenue and capitalise on rising regional demand for refined products. The government is taking steps to expand private sector participation in economic development, including through three planned power projects and a US ... Read More »

Kuwait stock market witnesses speculations on small chips

KUWAIT

KUWAIT CITY: Boursa Kuwait witnessed in the past week’s sessions speculations on small chips and profit bagging particularly by leading and operating companies. New price levels were set for a large number of stocks, particularly those that turned bullish in recent sessions, amid intensive orders by financial portfolios on shares of companies that revealed their financial statements or information related ... Read More »

Kuwait’s crude oil exports China above 250,000 bpd level

KUWAIT

KUWAIT CITY: Kuwait’s crude oil exports to China in January edged down 1.8 percent from a year earlier to 1.07 million tons, equivalent to around 253,000 barrels per day (bpd), government data showed. Kuwaiti shipments of crude oil to China exceeded 250,000 bpd level for the third consecutive month, according to the General Administration of Customs. China’s overall imports of ... Read More »

Kuwait’s crude oil exports China above 250,000 bpd level

KUWAIT

KUWAIT: Kuwait’s crude oil exports to China in January edged down 1.8 percent from a year earlier to 1.07 million tons, equivalent to around 253,000 barrels per day (bpd), government data showed on Monday. Kuwaiti shipments of crude oil to China exceeded 250,000 bpd level for the third consecutive month, according to the General Administration of Customs. China’s overall imports ... Read More »