KPC imports big amount of gas to ‘meet demand’

Growth rate of banks capital falls

KUWAIT CITY, June 24: Kuwait’s consumption of gas in the last five years amounted to 89 billion cubic meters. The annual consumption rate is about 18 billion cubic meters. The country had to import 11 billion cubic meters to bridge the gap between consumption and production, reports Al-Shahed daily quoting sources.

They revealed that Kuwait’s gas production during the same period amounted to 78 billion cubic meters, while the annual production stands at 15.6 billion cubic meters.

The sources said Kuwait Petroleum Corporation (KPC) imports gas to meet the growing consumption, as the consumption currently exceeds the production volume by about 2.2 billion cubic meters.

They affirmed that Kuwait has about 8 percent of the world’s oil reserves, adding that Kuwait Oil Company (KOC) has set up some tenders for the development and extraction of gas.

Meanwhile, the growth rate of capital of local banks fell to 2.5 percent at the end of last year, reports Al-Shahed daily quoting sources.

They explained that in 2013, the rate had reached 8.9 percent, amounting to KD 7.18 billion, and then decreased to 4.8 percent in 2014, which amounts to KD 7.25 billion. It further fell to 3.4 percent in 2015 to reach KD 7.78 billion and then continued to decline to 2.5 percent as of the end of 2016 to reach a capital of KD 8.01 billion.

The sources went on to state that the capital of local banks in the last three years recorded a decrease of 6.4 percent, amounting to KD 830,000. Assets increased by 9.1 percent during the same period while deposits increased by 11.45 percent.

Drug

pills

seized:

Antinarcotics men arrested two Arab expatriates who smuggled 12 Tramadol pills into the country for trade purpose.

A security source said Drug Control General Department received information that the two suspects had brought 12 Tramadol pills, carefully hidden inside their clothes, from their home country to sell.

A team of detectives were trapped the suspects and managed to arrest them in Fahaheel area in possession of a bag containing the contraband. They confessed bringing the item from their home country to sell to customers here.

Meanwhile, anti-narcotics men followed up the activities of another Arab national and raided his apartment where they found 1kg of the illicit drug Chemical and 50g of Shabu based on a tipoff. He was referred to Drug Prosecution.