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Kuwait to invite bids for new refinery: oil official KUWAIT CITY: OPEC member Kuwait will invite bids for a new multi-billion-dollar oil refinery next month as part of a drive to modernise the key sector, a top executive said on Monday."We will invite bids for the new refinery project in May," CEO of national conglomerate Kuwait Petroleum Corp. (KPC) Nezar al-Adasani said."Another project costing $1.0 billion for the development of heavy oil from northern oilfields will be awarded later in April," Adasani told reporters on the sidelines of the second Gulf Petroleum Forum.The cost of the new 615,000 barrels per day Al-Zour refinery is estimated to be around $15 billion (11 billion euros).Contracts for another $12-billion project to upgrade two of the three existing refineries, awarded in February, will be signed next week with three consortia led by British, US and Japanese companies.Kuwait has been working to modernise its oil sector which provides around 94 percent of public revenues.Former ...

Oil price 'fair' despite geopolitical factors: Kuwait KUWAIT CITY: Kuwaiti Oil Minister Ali al-Omair said on Monday that current oil prices are "fair" despite strong geopolitical factors impacting the region.OPEC member Kuwait is the world's fourth-largest oil exporter, pumping around 3.0 million barrels per day, of which at least 2.6 million bpd are exported in the form of crude oil and petroleum products."There are geopolitical factors impacting oil prices... which are not only controlled by output levels and production capacity but also ...
Kuwait's oil output capacity rises to 3.3mn bpd KUWAIT: Kuwait has increased its oil production capacity to 3.3 million barrels of oil a day (bpd) and is hoping to reach 3.5 million bpd in 2015, the head of its state oil company said on Monday. Kuwaiti officials have previously said that capacity in the OPEC member state was around 3.1-3.2 million bpd. "Kuwait has increased its production capacity to 3.3 million barrels per day.It will reach 3.5 million barrels per day by 2015," ...
Southern Iraq oil exports 2.48mn bpd in March, new field to open BASRA: Oil exports from southern Iraq have averaged 2.48 million barrels per day (bpd) so far in March, a senior official said on Saturday, as Russia's Lukoil prepared to begin production from the country's second-largest field.Production in the south has averaged 2.5 million bpd so far this month, and should rise to 2.65 million following the inauguration of the giant West Qurna-2 oilfield, Dhiya Jaafar, the head of Iraq's South Oil Company, also said.Lukoil is ...
Southern Iraq oil exports 2.48mn bpd in March, new field to open BASRA: Oil exports from southern Iraq have averaged 2.48 million barrels per day (bpd) so far in March, a senior official said on Saturday, as Russia's Lukoil prepared to begin production from the country's second-largest field. Production in the south has averaged 2.5 million bpd so far this month, and should rise to 2.65 million following the inauguration of the giant West Qurna-2 oilfield, Dhiya Jaafar, the head of Iraq's South Oil Company, also said.Lukoil ...
Total seals deal for smaller stake in Papua New Guinea bloc MELBOURNE: Total has agreed to buy a 40 percent stake in Papua New Guinea's largest undeveloped gas field from InterOil Corp, in a revised deal announced on Wednesday, giving the French oil giant a smaller stake than first planned.InterOil estimated it could receive between $1.62 billion and $3.5 billion all together from Total, depending on how large a reserve of gas is found in the fields.The final stakes in the deal, which was first announced ...
Tanzania raises petrol, cuts diesel, kerosene prices DAR ES SALAAM: Tanzania's energy regulator raised the price of petrol in east Africa's second-biggest economy on Wednesday but cut diesel and kerosene prices, citing a weaker local currency and swings in international energy prices. The Energy and Water Utilities Regulatory Authority (EWURA) raised the retail price of petrol 1.95 percent and lowered the price of diesel 3.5 percent. Kerosene prices were cut 0.9 percent in the latest price caps, which take immediate effect. Fuel ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln