KUWAIT CITY (AFP) - (AFP) - Kuwait's Oil Minister Mohammad al-Baseeri Thursday formed a committee to probe an $800 million contract between state-owned Kuwait Oil Co. and Shell, an official statement said.
The six-member panel will review procedures leading to the awarding of the Enhanced Technical Services Agreement in February 2010 and examine the implementation of the deal, said the statemen [...]
KUWAIT CITY (AFP) - (AFP) - Kuwait was forecast on Tuesday to post record revenues and a budget surplus in the current 2011/2012 fiscal year on the back of high oil prices.
The oil-rich Gulf state which amassed budget surpluses of more than $200 billion in the past 12 fiscal years is expected to post a record $41 billion in windfall this year, National Bank of Kuwait said in a report.
OPEC's t [...]
KUWAIT CITY (AFP) - (AFP) - The ruler of Kuwait on Monday warned against the misuse of the oil-rich emirate's mammoth assets as he opened a meeting to study the fallout of the global debt crisis.
The meeting comes amid fears of another global recession that could dampen the price of oil, which provides more than 93 percent of Kuwait's public revenues, and impact its $300 billion (210 billion eu [...]
KUWAIT CITY (AFP) - (AFP) - Kuwait on Monday invited bids from local and international investors to buy a stake in Kuwait Airways as part of a privatisation process to turn the loss-making airline into profit.
The privatisation committee of Kuwait Airways said in a statement that interested parties should submit their "expression of interest" to participate in the bidding for 35 percent of the [...]
BAGHDAD (AFP) - (AFP) - Baghdad called on Kuwait Wednesday to suspend work on a controversial megaport until Iraq is assured its shipping lanes will not be squeezed by the project but Kuwait said work on the project will continue.
The $1.1 billion (778 million euro) facility, on Kuwait's Bubiyan Island, is scheduled for completion in 2016. Baghdad fears the Mubarak port will compete with its ow [...]
KUWAIT CITY (AFP) - (AFP) - Kuwait's premier on Thursday comfortably survived a parliament vote of confidence but the opposition called on him to step down and filed a new motion to grill him, plunging the OPEC member into yet another crisis.
Minutes after defeating the third bid against him, Prime Minister Sheikh Nasser Mohammad al-Ahmad Al-Sabah extended an offer of cooperation to [...]
MILAN (AFP) - (AFP) - An Italian prosecutor is investigating the country's largest energy group ENI and two of its executives over suspected corruption related to projects in Iraq and Kuwait, the company said Wednesday.
The Milan prosecutor's office is probing whether the executives took kickbacks from Italian engineering and construction firms in exchange for subcontracts to drill [...]
KUWAIT CITY (AFP) - Ten Kuwaiti opposition lawmakers on Tuesday filed a motion of "non-cooperation" with the prime minister in a bid to oust him over ties with Iran, speaker Jassem al-Khorafi said.
The motion was submitted at the end of a seven-hour grilling in a secret parliamentary session over allegations the premier boosted ties with Shiite Iran at the expense of relations with Arab states [...]
KUWAIT CITY (AFP) - The ruler of the Gulf state of Kuwait on Monday accepted the resignation of deputy premier Sheikh Ahmad Fahad al-Sabah, a senior royal who quit following a dispute with the prime minister.
"An emiri decree was issued accepting the resignation of Sheikh Ahmad," who is also minister of housing and development, said state minister for cabinet affairs Ali al-Rashed, [...]
KUWAIT CITY (AFP) - Hundreds of Kuwaiti youths have rallied for the ouster of the oil-rich Gulf state's prime minister and for democratic reforms to resolve an ongoing political crisis.
Protesting for the fourth straight week late Friday, the youths also called for the removal of deputy premier Sheikh Ahmad Fahad Al-Sabah who local media reported has submitted his resignation.
Prim [...]
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