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News Summary Report Tues/ Dec 11, 2018
Domestic Affairs
Kuwait Finance Minister Urges Retirees’ Experience to be Tapped
Kuwaiti Minister of Finance, Nayef Al-Hajraf said on Monday it is imperative for the society to revise its negative attitude towards the retirees, and to draw upon their experience and skills instead.
The minister made the remark while giving a keynote speech during a national conference on retirees, on behalf of His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah, the sponsor of the event.
The conference seeks to attain a set of social and developmental goals by means of re- appointing retirees and capitalizing on their experience and capabilities, he said.
It comes at a time, when both legislative and executive authorities are putting the final touches on amendments to the social security law, eventually serving the category of society, the minister added.
After months of dialogue between the government and members of Parliament, changes to the law in question have been graded by both sides, Al-Hajraf added.
The National Assembly is set to convene on Tuesday in order to weigh the revised act, he pointed out. KUNA
Decisions of Al-Riyadh Summit Enhance GCC Works: HH the Amir
HH the Amir of the State of Kuwait, Sheikh Sabah Al-Ahmed affirmed that the constructive decisions of the GCC Summit hosted by Riyadh the previous day shall enhance mutual work, and he lauded its wise management by King of Saudi Arabia.
Meanwhile, HH the Amir of Kuwait sent a cable of congratulations to King Salman Bin Abdul Aziz to express his sincere gratitude for the generous hospitality during participation at the meeting of the 39th round of the Higher Council of GCC Summit in Riyadh. Al-Rai
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Economy Producing 60.000 Heavy Oil Barrels by 2019: Al-Anzy
Deputy CEO of North Kuwait at Kuwait Oil Company, Nayef Al-Anzy said that Kuwait shall produce 60 thousand barrels of heavy oil a day by December 2019.
Al-Anzy remarked in his speech that Kuwait Oil Company discovered huge reserves of heavy oil in North Kuwait during the year 1978, as indicated in the huge Burqan field with an area of 1200 square kilometers.
In 2014, another oil field called “ Om Naqa” was added to heavy oil projects development, and this represents immense resource base, which directed the attention of the world.
He indicated also that after conducting detailed studies and experimental programs, and after testing the various production plans, Kuwait Oil Company now embarks on developing heavy oil resources in Kuwait to reach production objectives stipulated at KOC strategy for 2040. Al- Anbaa
Kuwait Oil Price Up $ 1.24 to $ 59.58 pb
The price of Kuwait's crude oil went up USD 1.24 to stand at USD 59.58 per barrel (pb) on Monday compared to USD 58.34 pb last Friday, said Kuwait Petroleum Corporation (KPC) on Tuesday.
Meanwhile, Brent Blend contracts went down USD 1.79 which is equivalent to 2.67 percent to settle at USD 59.97 pb, as well as the West intermediate contracts with a decline of USD 1.61 which is equivalent to 1.60 percent to settle at 51.00 pb. KUNA
Kuwait Plans to Produce 430 thousand barrels of Heavy Oil By 2040
CEO of Kuwait Oil Company, Nizar Al-Adsani affirmed that the oil sector aims to develop heavy oil production capabilities, remarking that “this issue is of special significance to us because it represents a step towards optimizing production capacity and diversifying oil products.
He indicated that the company aims to produce 85 thousand barrels of heavy oil by 2020 – 2021, and to produce 110 thousand barrels a day by 2030 – 2031. He states also that the company aims to produce 430 thousand barrels a day by 2040 – 2041.
“Fossil fuel is still the most important form of energy and this requires investment to save energy to satisfy the increasing demand in the future amid the international tendency towards minimizing CO2 emissions and encouraging production of clean energy”, said Al-Adsani in his speech at Kuwait Fourth International Conference and Exhibition for Heavy Oil, which was held yesterday at American University of the Middle East (AUM) in Aqila region.
“We have big challenges in the energy market, which requires from us to accelerate our investment initiatives and to cooperate to ensure being in a leadership position in a highly competitive environment”, he said. Al-Anbaa
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Kuwait is Implementing Oil Projects Worth $ 27 Billion
Ex Oil Minister, Dr. Ali Al-Ameer said that Kuwait is in a real challenge because it is prone to a potential deficit in its current budget as what is sold from crude oil doesn’t suffice expenses.
“oil producing countries have to find solutions by adopting three initiatives; the first is to diversify sources of income by means of manufacturing oil substances and selling them with added value; the second is good management of these resources; and the third is to mitigate or prevent corruption”, said Al-Ameer in statements on the sidelines of a forum that was held the previous day titled “OPEC between productivity and political disputes”.
He added that Kuwait has an internal commitment to achieve the strategy of KPC 2020 by reaching 4 million barrels a day. Al-Ameer affirmed the necessity of shifting to the strategy of selling oil as derivatives with higher economic value. In this regard, he affirmed that Kuwait has projects, which worth $ 27 billion to produce high quality products and clean energy, and to transform crude oil into other products. Al-Anbaa
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External Affairs
Turkish Ambassador Hails Kuwait’s Humanitarian Efforts in Helping Affected People Turkish Ambassador to Kuwait Ayse Koytak, on Monday hailed Kuwait's humanitarian efforts in providing aid to countries affected by natural or man-made disasters.
In a statement to KUNA, after her meeting with Kuwait Red Crescent Society (KRCS) Deputy Chairman Anwar Al-Hasawi, Koytak said Kuwait was an exemplary model of charitable humanitarian work.
During her meeting with Al-Hasawi, she also tackled topics related to humanitarian and voluntary work and means of enhancing them as well as the depth of relations between the two friendly countries.
Koytak also praised the initiatives of KRCS and its continuous engagement with humanitarian issues, pointing out that KRCS is one of the leading organizations in the service of humanity.
For his part, Al-Hasawi said KRCS attaches great importance to cooperation and coordination with international humanitarian organizations, especially Turkey, for the benefit of humanity.
Kuwait has been and will continue to help brothers and friends everywhere and that humanitarian action is a constant and genuine approach in Kuwaiti people, he added. KUNA Arming of the three Army Forces: Nasser Al-Sabah
First Deputy Prime Minister and Minister of Defense, Sheikh Nasser Al-Sabah affirmed on the importance of a budget to cover the need of the MOD to armament, military equipment, maintenance and training in the three forces to contribute in developing the army to be in pace with other developed armies.
1st Deputy Prime Minister met in Bayan Palace yesterday morning with General Chief of Staff, Mohamed Al-Kheder, MOD Undersecretary, Sheikh Ahmad Al-Mansour, Deputy General Chief of Staff, Abdullah Al-Nawaf, a number of senior officers in the army, and members of the administrative and financial authority of the ministry to discuss the enhancement budget, the closing account and the balance of the MOD.
Meanwhile, Sheikh Nasser Al-Sabah called during the meeting to develop utilities and departments of Jaber Al-Ahmed Armed Forces Hospital to provide the best medical services to affiliates of armed forces and their families. Al-Rai
MP Stresses Kuwait’s Arab Effort
Member of Kuwait's National Assembly and Arab Parliament Ali Al-Deqbasi hailed on Monday Kuwait's role in supporting the development of Arab cooperation.
In a statement to Kuwait News Agency (KUNA) on the sidelines of a meeting of the Arab Parliament's Foreign Affairs Political and National Security Committee, Al-Deqbasi noted that the committee discussed Arab action and looks forward to the next Arab Parliament meeting scheduled for Tuesday.
Kuwait called on the Arab Parliament to push forward cooperation in light of the fearsome political situations in Arab countries and threat to Arab national security, he explained.
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The committee discussed the political situation in Arab countries, described it as a terrible unstable situation, especially the war in Yemen and the Palestinian issue, he added.
Support for the Palestinian cause is through a unified and strong action to resist Zionism, he said, noting that it is time for the parliament to play a vital role in activating joint Arab action.
KUNA
Kuwait Army Chief, US Commander Discuss Common Issues
Kuwaiti Army Chief-of-Staff Lieutenant General, Mohammad Al-Khedher met on Monday with US Commandant of the Marine Corps, General Carl Mundy.
Friendly talks, issues of mutual concerns, especially on the military level and ways to enhance them were discussed during the encounter, a press release by the Public Relations and Security Media Department at the Ministry of Defense. KUNA
Cabinet Commends GCC Summit Outcomes
The Kuwaiti Cabinet has applauded the outcomes of the 39th Summit held in Riyadh on Sunday, and appreciated the relevant efforts of His Highness the Amir Sheikh Sabah Al-Ahmad Al- Jaber Al-Sabah and other GCC leaders.
This came during the Cabinet’s customary weekly meeting presided over by His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah.
During the meeting, Deputy Premier and Foreign Minister, Sheikh Sabah Khaled Al-Hamad Al-Sabah brie fed his colleagues on the findings of the GCC gathering and His Highness the Amir’s speech, which stressed the significance of safeguarding the Gulf bloc amid the ongoing serious regional conditions and challenges. KUNA
