Embassy of the Republic of Korea

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Embassy of the Republic of Korea

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News Summary Report Sun, Dec 2, 2018

Domestic Affairs 7 Options to Finance Oil Projects

The Cabinet assigned Public Debt Management Committee at the Ministry of Finance to study the request of KPC regarding borrowing from financial institutions to finance its capital programs during the next 5-year plan.

Relevant sources clarified that “KPC submitted its technical study related to borrowing KWD 16 billion to finance its capital programs to implement projects by means of using public debt instruments, and to achieve a production capacity reaching 4 million barrels a day by 2020.

This in addition to development of natural gas production and maximization of refinery capacity”.

It indicated that the study included 7 options including:

- Exports Credit Agencies

- Borrowing in consideration of sales contracts.

- Commercial bank loans in KWD and US Dollar - Issuance of Bonds

- Revolving loan in KWD and US dollar with a value reaching KWD 1.5 billion.

- Payment of profits to the national treasury on timed installments.

- Transfer of profits to the national treasury with variable percentages during the period of the five-year-plan. Al-Qabas

All Citizens’ Compensation Demands Due to the Downpours Shall be satisfied.

Minister of Social Affairs and Labour, Minister of State for Economic Affairs, Hind Al-Sabeeh announced Saturday that the rain’s compensations demands reached 761 cases, including real estate, vehicles as well as furniture losses claims.

She further remarked in a press release that the process of receiving people, who are impacted by the heavy downspours is well organized at the headquarters of the Compensations’

Committee in Al-Shamiya area.

The Committee offers priority to Kuwaitis, andxdd to those having damaged houses and vehicles, Minister Al-Sabeeh added. She denied any financial compensation to the affected people yet, indicating that this stage is only for receiving inquiries and checking that they are meeting all the requirements in accordance with the legal procedures followed – Al-Anbaa

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Economy Kuwaiti Oil Rises 35 Cents to Reach $ 58.07

Kuwaiti oil price rose 35 cents to reach $ 58.07 while it was $ 57.72 pb on Thursday according to the prices declared by KPC. In international markets, Brent Crude rose 17 to be $ 59.68 Al- Seyassa

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External Affairs

Kuwait Leads Tribute to Former US President George HW Bush

Kuwait paid tribute to former US President, George HW Bush yesterday, saying his support during the first Gulf War “will not be forgotten”.

Bush, who helped steer America through the end of the Cold War, died Friday at age 94, his family announced.

Kuwaitis have long expressed their gratitude to the late 41^st president for backing the State following Iraq’s 1990 invasion. In the wake of the war, many stuck bumper stickers on their cars of Bush standing in front of an American flag, and a few even named their children after him.

In a letter to US President, Donald Trump, HH the Amir, Sheikh Sabah Al-Ahmad Al-Jaber Al- Sabah praised Bush’s historic and courageous stance and his rejection of Iraq’s occupation of Kuwait from the early hours. Kuwait Times

The US Embassy Receives Condolences Today

The US Embassy in Kuwait mourned the ex- US President George W Bush. US Ambassador, Lawrence Silverman and Embassy Employees sent their condolences to the family of the ex- US President.

The US Embassy declared that it shall dedicate 3 days to receive condolences for all those who would like to visit the embassy and express their sympathy starting from Sunday ( from 1 pm to 4 pm, Monday from 10 am to 2 pm and Tuesday from 10 am to 2 pm at the headquarters of the Embassy in Bayan. Al-Rai

Kuwait Shall Never Forget Bush and His Efforts to Liberate Kuwait

His Highness the Amir of Kuwait, Shaikh Sabah Al-Ahmed sent a cable of condolences to the US President, George W Bush, Donald Trump for the death of the ex-US President George W Bush, the 41 President of the friendly USA.

HH the Amir recalled the historic and courageous attitudes of the ex-president towards Kuwait and his rejection of Iraqi occupation to the State of Kuwait from the early hours. Al-Rai

Kuwait Congratulates USA of its National Day: Significant Achievements and Comprehensive Development

HH the Amir, Sheikh Sabah Al-Ahmed sent a cable of congratulations to President of the UAE, Sheikh Khalifa Ben Zayed Al-Sultan Al-Nahayan on the occasion of the 47 anniversary of the National Day of USA.

HH lauded the significant achievements of USA and its comprehensive development uprising in all fields. Al-Rai

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FANA, OANA chiefs mull cementing media co-op

Federation of Arab News Agencies (FANA) Chairman Sheikh Mubarak Duaij Al-Sabah and Chairman of the Organization of Asia-Pacific News Agencies (OANA) Aslan Aslanov discussed Saturday means to give impetus to bilateral cooperation.

Sheikh Mubarak, also board chairman and director general of Kuwait News Agency (KUNA), deliberated with Aslanov, also chairman of the board of Azerbaijan State News Agency (AZERTAC), expanding cooperation between KUNA and OANA to live up to the distinguished relations between the Asian nation. KUNA