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Friday , November 17 2017
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Kuwait

Construction of $4.2bn Kuwait airport terminal to be fast-tracked

KUWAIT'

  KUWAIT: The basic structure of Kuwait International Airport’s new terminal is 35 percent complete, a senior government official has revealed. Kuwait’s Minister of Public Works, Abdulrahman Al-Mutawaa, said construction works are proceeding as scheduled, adding that “a grand project” such as the terminal would require “a considerable amount of time and effort to complete”. Al-Mutawaa also confirmed that the ... Read More »

Kuwait’s crude oil exports to China above 300,000 bpd level

KUWAIT

  KUWAIT CITY: Kuwait’s crude oil exports to China in the first nine months of this year edged down 1.2 percent from the same period of 2016 to 336,000 barrels per day (bpd), Chinese government data showed on Thursday. In September alone, Kuwait exported 362,000 bpd to the world’s second-largest oil consumer, down 22.0 percent on the year, according to ... Read More »

Kuwait’s crude oil exports to Japan up 20.5%

crude oil

TOKYO: Kuwait’s crude oil exports to Japan in September surged 20.5 percent from a year earlier to 8.23 million barrels, or 274,000 barrels per day (bpd), for the first rise in two months, government data showed. As Japan’s third-biggest oil provider, Kuwait supplied 8.7 percent of the Asian nation’s total crude imports, the Japanese Natural Resources and Energy Agency said ... Read More »

Kuwait government resigns, state news agency reports

KUWAIT

  KUWAIT: The cabinet, which had been in place since snap elections in November 2016, will continue running the country, a close USA ally, in a caretaker capacity before a new cabinet is appointed. Kuwait’s emir has accepted the government’s resignation amid political turmoil in the Gulf country. Lawmakers were preparing this week to discuss a no-confidence vote in Information ... Read More »

Kuwait’s crude oil exports to China above 300,000 bpd level

KUWIAT

  KUWAIT: Kuwait’s crude oil exports to China in the first nine months of this year edged down 1.2 percent from the same period of 2016 to 336,000 barrels per day (bpd), Chinese government data showed. In September alone, Kuwait exported 362,000 bpd to the world’s second-largest oil consumer, down 22.0 percent on the year, according to the General Administration ... Read More »

Oil producers may not need to extend cuts: Kuwait

KUWAIUT

  KUWAIT: Oil producers may not need to roll over a deal to cut production beyond March if all members fully comply with their pledges, the Kuwaiti oil minister said Sunday. “The current reduction deal is sufficient to achieve the desired purpose,” of rebalancing the oil market, Essam al-Marzouk told reporters after opening an oil conference. Although “the compliance level ... Read More »

Kuwait’s inflation up

Inflation

KUWAIT CITY: Average domestic inflation climbed 0.53 percent in September, as compared to the same month last year, said the Central Statistical Bureau (CSB) on Sunday. The index for the first main group (food and beverages) went up by 0.65 percent, compared to the same month in 2016. The figure of the second main group (tobacco, narcotics) was up by ... Read More »

Kuwait banking said to slow amid weak economy

economy

KUWAIT CITY: Growth in Kuwait’s banking sector will be slower than in recent years due to the impact of lower oil prices and production cuts, a study has claimed. The outlook for the Kuwaiti economy is “fairly weak”, with negative GDP growth of 1.1 percent predicted as oil production falls by 4.5 percent, according to the analysis by BMI Research. ... Read More »

Kuwait budget in deficit

KUWAIT

  KUWAIT CITY: The country recorded a deficit of KD 1.94 billion in its general budget in the first half of fiscal 2017/2018, reports Al-Rai daily quoting the monthly financial report released by the Ministry of Finance. The ministry said the achieved deficit in the first half of the financial year constitutes 25 percent of KD 7.9 billion — the ... Read More »

Kuwait diesel Gensets market expected to be worth us$ 79b by 2023

KUWAIT

  KUWAIT CITY: Market Research Engine has published a new report titled as, “Kuwait Diesel Gensets Market – Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 – 2023” The production business in Kuwait is flourishing among a sequence of new variety of projects which has completed in estimated period. Because of outcome of these projects, requirement of diesel gensets ... Read More »

Kuwait customs directorate launches new website

Kuwait Customs

KUWAIT: The Kuwait’s General Administration of Customs launched Sunday a new sophisticated website. The new website would allow visitors and clients to contact the administration and complete customs clearness procedures, Director General of the administration Jamal Al-Jalawi said during a ceremony held on this occasion Sunday and attended by Deputy Prime Minister and Minister of Finance Anas Al-Sabah. Al-Jalawi noted ... Read More »

Kuwait as emerging market seen spurring $700m stocks flow

KUWAIT

  KUWAIT CITY: Kuwait’s graduation to emerging-markets classification by index compiler FTSE Russell could prompt inflows of as much as $700 million from investors, according to the money manager run by the nation’s largest lender. The Gulf country won inclusion in FTSE Russell’s list during the weekend, rewarding efforts by local regulators and the stock exchange to modernize trading systems ... Read More »

Kuwait Energy sells shares in Egyptian oilfield

KUWAIT

  KUWAIT CITY: Kuwait Energy announced yesterday the official approval on its Farm-Out Agreement (FOA) for 25 percent of its shares in the Abu Sennan concession in Egypt to GlobalConnect Ltd (GlobalConnect). Kuwait Energy CEO Sara Akbar said “We are very pleased to have the farm-out agreement finalized with GlobalConnect in our Abu Sennan concession and to welcome an esteemed ... Read More »

Kuwait’s oil exports to Japan see 1st fall in 4 months

KUWAIT

  KUWAIT CITY: Kuwait’s crude oil exports to Japan declined 2.3 percent in August from a year earlier to 6.18 million barrels, or 199,000 barrels per day (bpd), for the first fall in four months, government data showed. But Kuwait overtook Qatar to become Japan’s third-biggest oil provider, supplying 6.2 percent of the Asian nation’s total crude imports, the Japanese ... Read More »

Kuwait’s oil exports to Japan see 1st fall in 4 months

OIL EXPORT

TOKYO: Kuwait’s crude oil exports to Japan declined 2.3 percent in August from a year earlier to 6.18 million barrels, or 199,000 barrels per day (bpd), for the first fall in four months, government data showed. But Kuwait overtook Qatar to become Japan’s third-biggest oil provider, supplying 6.2 percent of the Asian nation’s total crude imports, the Japanese Natural Resources ... Read More »

Indian firm wins $265m deal to build Kuwait oil pipeline

KKUWAIUT

  KUWAIT CITY: Larsen & Toubro’s hydrocarbon division has bagged a major pipeline contract with a value close to 1,700 crore rupees ($265 million) from Kuwait Oil Company. The contract is for engineering, procurement and cconstruction of a new pipeline from North Kuwait to Ahmadi, the company said in a statement. The completion of the project is scheduled in the ... Read More »

GCC economic growth forecast to strengthen from 2018

KUWAIT

  KUWAIT CITY: Economic growth in the GCC will strengthen from 2018 onwards, with the UAE and Qatar outperforming the rest of the region. according to new research. Analysts BMI Research said the factors that have weighed on expansion this year – hydrocarbon production cuts and lower-for-longer oil prices – will ease in 2018, boosting government revenues and improving consumer ... Read More »

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 »