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Kuwait

US, Kuwait officials sign customs agreement

KUWAIT

KUWAIT CITY: A US-Kuwait Customs Mutual Assistance Agreement (CMAA) was signed during a ceremony Thursday, along with a renewed Memorandum of Understanding (MOU) on Technical Cooperation between the two countries. Jamal Al Jalawi, director general of Kuwait General Administration of Customs, said the agreement was “very important” to Kuwait, and would provide for better US-Kuwait cooperation to improve efforts to ... Read More »

Kuwait seizes 4,000 bottles of alcohol

KUWAIT

  KUWAIT CITY: Authorities in Kuwait have foiled an attempt to smuggle around 4,000 bottles of alcohol  into the country. The bottles were concealed in a container of construction material that was being transported on a truck, the head of Al Ahmadi security department said. “A patrol was driving in the Industrial Zone when the servicemen spotted a parked truck,” ... Read More »

Kuwait buys Total’s stake in Norwegian oil field

KUWAIT

KUWAIT CITY: French oil giant Total said Monday it has agreed to sell its remaining stake in a Norwegian oil field to Kuwait so that it can focus on its recent acquisition of Denmark’s Maersk Oil. “Total has signed an agreement to divest its remaining 15-percent interest in the Gina Krog field in Norway to Kuwait Foreign Petroleum Exploration Company ... Read More »

Kuwait, Turkey eager to enhance relations

trade

ANKARA: Kuwait and Turkey are eager to pursue more ventures and sign additional agreements to enhance relations on all possible spheres especially within the economic domain, Kuwaiti Minister of Commerce and Industry Khaled Al-Roudhan said late Wednesday. This statement was given to KUNA and Kuwait television after a meeting with Turkish counterpart Nihat Zeybekci held in Ankara. Minister Al-Roudhan, who ... Read More »

Kuwait SWF investments in the US said to be worth over $300b

KUWAIT

  KUWAIT CITY: Kuwait’s sovereign wealth fund investments in the United States are estimated at more than $300 billion, according to the Kuwait News Agency (KUNA). The report coincides with the visit by Kuwait’s emir, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, to the US, with figures provided by the US Embassy in Kuwait. It said Kuwait’s exports to the US are ... Read More »

Kuwait’s SWF to invest $676m in Italian companies

KUWAIT

  KUWAIT CITY: Kuwait’s sovereign wealth fund will invest 500 million euros ($676 million) in Italian companies in coordination with Italy’s own strategic investment fund, Prime Minister Enrico Letta said on Tuesday. The deal follows similar agreements with Qatar’s investment fund last year to invest in Italian companies operating in the fashion, food and tourism sectors and a separate deal ... Read More »

Market may return to balance soon: Kuwait oil minister

KUWAIT

  KUWAIT CITY: The oil market may return to balance by the third quarter of this year if producers comply with their deal to cut output, otherwise the timeframe for rebalancing could be pushed out further, Kuwaiti oil minister Essam al-Marzouq said on Sunday. Marzouq told reporters that there needed to be 100 percent compliance among producers with the deal. ... Read More »

Kuwait, Honduras ink economic, technical deal

Switzerland, Italy inks accord to exchange tax data

KUWAIT: Kuwait and Honduras have signed an agreement for promoting and developing bilateral economic and technical cooperation, the Kuwaiti Ministry of Finance said. The agreement was signed by Undersecretary of the Kuwaiti Ministry of Finance Khalifa Hamada and Honduran Ambassador in Kuwait Nelson Garcia, the ministry said in a statement. Kuwait is interested in promoting economic relations with all countries ... Read More »

Kuwait oil output up to 1.5m bpd despite workers strike

KUW3AIT

  KUWAIT CITY: Kuwait’s crude oil production was 1.5 million barrels per day (bpd) on average despite an open-ended strike by Kuwaiti oil workers, an oil spokesman told state news agency KUNA on Tuesday. Thousands of Kuwaiti oil and gas workers are on strike for a third day to protest planned public sector pay reforms. Unions have not said how ... Read More »

Kuwait’s $2.4b causeway on track for 2018 completion

KUWAIT

KUWAIT CITY: Kuwait’s new 36 kilometre causeway, which will connect Al-Sabiya city with Madinat Al-Hareer (Silk City), is on course to be completed by the end of 2018, according to the country’s news agency. The $2.4bn (KD 738m) cable-stayed bridge, a key project included in Kuwait’s ‘2035 Vision’ development plan, will become the tenth longest cross-sea bridge once completed. The ... Read More »

Kuwait bound gutkha worth Rs 5.54crore seized

KUWIAT

KUWAIT CITY: Directorate of revenue intelligence (DRI) officials seized 92.28 lakh counterfeit gutkha pouches worth Rs 5.54 crore before they could be smuggled to Kuwait, where the tobacco product is banned. The market value of the seized counterfeit gutkha in Kuwait’s black market is around Rs 14 crore. In this case, DRI- Delhi officials held one Salim Ismail Dola, mastermind ... Read More »

Kuwait’s $2.4b causeway on track for 2018 completion

KUWAIT

  KUWAIT CITY: Kuwait’s new 36 kilometre causeway, which will connect Al-Sabiya city with Madinat Al-Hareer (Silk City), is on course to be completed by the end of 2018, according to the country’s news agency. The $2.4bn (KD 738m) cable-stayed bridge, a key project included in Kuwait’s ‘2035 Vision’ development plan, will become the tenth longest cross-sea bridge once completed. ... Read More »

Kuwait oil output up to 1.5m bpd despite workers strike

KUWAIT

KUWAIT CITY: Kuwait’s crude oil production was 1.5 million barrels per day (bpd) on average despite an open-ended strike by Kuwaiti oil workers, an oil spokesman told state news agency KUNA on Tuesday. Thousands of Kuwaiti oil and gas workers are on strike for a third day to protest planned public sector pay reforms. Unions have not said how long ... Read More »

Kuwait oil output up to 1.5m bpd despite workers strike

KUWAIT

KUWAIT CITY: Thousands of Kuwaiti oil and gas workers are on strike for a third day to protest planned public sector pay reforms. Kuwait’s crude oil production was 1.5 million barrels per day (bpd) on average despite an open-ended strike by Kuwaiti oil workers, an oil spokesman told state news agency KUNA on Tuesday. Thousands of Kuwaiti oil and gas ... Read More »

Kuwait Petroleum Corp says committed to new oil output cut

KUWAIT

KUWAIT CITY: State-owned energy giant has notified its clients of the production cuts from the start of January. State-owned Kuwait Petroleum Corp (KPC) said on Wednesday it was committed to an oil output cut agreed by the Organization of Petroleum Exporting Countries at a meeting in Vienna in November, Kuwait’s state news agency KUNA reported. KPC said in a statement ... Read More »

Iran-Kuwait ties still at ambassador’s level

economic ties

TEHRAN: Iran’s FM spokesman Ghasemi said Mon. that diplomatic relations with Kuwait remain at ambassador’s level despite Kuwait’s recent move in reducing the number of Iranian diplomats stationed in the country. Bahram Ghasemi made the remark in his weekly press conference on Monday, adding “our diplomats stationed in Kuwait were not expelled, but their number was reduced.” “We have always ... Read More »

US, UK are said to propose road map to end Qatar crisis

KUWAIT

KUWAIT CITY: The US and the UK proposed a road map to help resolve the standoff between a Saudi-led alliance and Qatar during Secretary of State Rex Tillerson’s trip to the region last week, according to a Gulf official with direct knowledge of the matter. The proposals include laying the grounds for direct negotiations based on an accord that resolved ... Read More »

Rex Tillerson to tour Gulf capitals in bid to end Qatar crisis

KUWAIT

KUWAIT CITY: Secretary of State Rex Tillerson will travel to Kuwait, Qatar and Saudi Arabia this week to meet with Gulf leaders as the US seeks to help end a standoff that pits US allies against one another. Tillerson will shuttle between Gulf capitals from Monday to Thursday, US State Department spokesman R.C. Hammond said. The diplomacy is part of ... Read More »

Rex Tillerson to tour Gulf capitals in bid to end Qatar crisis

QATAR

KUWAIT CITY: Secretary of State Rex Tillerson will travel to Kuwait, Qatar and Saudi Arabia this week to meet with Gulf leaders as the US seeks to help end a standoff that pits US allies against one another. Tillerson will shuttle between Gulf capitals from Monday to Thursday, US State Department spokesman R.C. Hammond said. The diplomacy is part of ... Read More »

Kuwaiti mobile operator posts 2010 profit of $3.67b

KUWAIT

KUWAIT CITY: Kuwaiti mobile operator Zain swung to a small profit in the fourth quarter, according to Reuters calculations, missing analysts’ estimates. Zain, subject to a $12 billion takeover bid from UAE’s Etisalat, posted a fourth-quarter net profit of $190 million compared with a net loss of 0.7 million dinars ($2.52 million) a year earlier. Analysts polled by Reuters estimated ... Read More »