‘Liquidating oil assets at present time difficult’
‘Shift’ of 10 nurses will be reduced to only five: Al-Enezi
KUWAIT CITY, May 5: Information gathered revealed that cash available from the retained earnings of the Kuwait Petroleum Corporation amounting to 7 billion dinars, which the Ministry of Finance demanded to be lodged to State treasury, does not exceed 200 million dinars, taking into account the upcoming expenses and construction work, stating the remaining sum has been invested in assets, reports Al-Qabas daily.
It affirmed that the thought of liquidation at the present time is difficult, as it will expose the State to huge losses tantamount to economic suicide; besides, it has invested in oil projects such as oil wells and reservoirs owned by the State that cannot be liquidated.
The daily quoting a source said the ministerial economic committee tasked with discussing the decision of the Finance Minister Barak Shitan concerning the transfer of profits of the Kuwait Petroleum Corporation to the State treasury will submit a recommendation to the Council of Ministers to approve the scheduling, which has already been agreed upon by Kuwait Investment Authority that the profits retained by the corporation within five years be paid into the State treasury.
He emphasized that a consensus was reached among all the ministers on the importance of scheduling the payment of profits in order not to expose the Petroleum Corporation to high risks if the financial solvency is withdrawn but the Finance Minister objected to the scheduling and presented a different opinion that scheduling the profits is against law, and that the corporation must return the withheld funds.
The source expressed surprise at the Minister of Finance’s insistence to withdraw the solvency of the financial institution, especially as it’s obvious that this request would cause a huge loss to the State, because the timing is not right to liquidate the assets. His opinion is different from everyone who supported the scheduling, as if he has put the stick with the wheel. He added that Oil Minister and the CEO of Kuwait Petroleum Corporation made clear stances on this issue by stating during the meeting they’ll not allow the collapse of Kuwait Petroleum Corporation.
National Guard confirms the ability to run Shuaiba plant to boost gas insurance, during the meeting.
National Guard in a group photo during the visit to the Shuaiba plant.