Prepa­ra­tions to hold oil out­put com­mis­sion in Jan­uary: Kuwait

Kuwait Times - - LOCAL -

KUWAIT: Prepa­ra­tions are un­der­way to hold a meet­ing for the Kuwait-chaired spe­cial com­mis­sion tasked with mon­i­tor­ing ad­her­ence to crude oil cut on Jan­uary 21-22 in Vi­enna, the State of Kuwait Oil Min­is­ter an­nounced yes­ter­day.

Is­sam Al-Mar­zouq, also the Min­is­ter of Wa­ter, said in a state­ment that the de­ci­sion by OPEC and non-OPEC oil-pro­duc­ing coun­tries to slash the out­put of crude oil would be in ef­fect on Jan­uary 1st, adding that the OPEC sec­re­tary gen­eral will visit Kuwait on the 9th of the same month. On his meet­ing with his Iraqi coun­ter­part, Jabar Al-Luaibi, ear­lier here, Min­is­ter AlMar­zouq con­firmed that he agreed with his guest on im­port­ing Iraqi oil, first 50 mil­lion cu­bic feet per day, to be grad­u­ally lifted to 200 mil­lion cb per day, ex­plain­ing the date for effecting the deal would be set af­ter fore­cast meet­ings of the rel­e­vant tech­ni­cal pan­els. He in­di­cated that the com­mit­tees would set transport mech­a­nisms and pric­ing. On the call made by Al-Luaibi on Kuwaiti com­pa­nies to in­vest in Iraq, Al-Mar­zouq stated that the Kuwaiti gov­ern­ment sup­ports the pri­vate sec­tor for launch­ing in­vest­ments in the neigh­bor­ing coun­try.

Asked whether sub­sidiary com­pa­nies of Kuwait Petroleum Cor­po­ra­tion could take part in th­ese in­vest­ments, the min­is­ter said Kuwait For­eign Petroleum Ex­plo­ration Com­pany (KUFPEC) and Kuwait Petroleum In­ter­na­tional (Q8) op­er­ate ac­cord­ing to trade bases, af­firm­ing the KPC wel­comes any en­ter­prise “pro­ceeds of which are com­pat­i­ble with its strat­egy.” — KUNA

Newspapers in English

Newspapers from Kuwait

© PressReader. All rights reserved.