Kuwait’s KUFPEC inks deal for China exploration deals.

The international arm of Kuwait’s state oil company has announced that its Chinese subsidiary has three agreements covering three new exploration blocks located in the South China Sea.
Kuwait Foreign Petroleum Exploration Company (KUFPEC) said that in the event of a commercial discovery in any of the new exploration blocks, KUFPEC China will have a 30 percent working interest in the development.
The remaining working interest will be held by the operator, a subsidiary of China National Offshore Oil Corporation (CNOOC).
“These new exploration activities in the People’s Republic of China are further steps taken by KUFPEC as part of its strategy to expand its oil and gas exploration and production operations worldwide,” a statement said.

KUFPEC CEO Shaikh Nawaf S Al-Sabah said: “Our new exploration licences allow us continue to work with CNOOC to take full advantage of our excellent working relationship in the Yacheng Field in the South China Sea, where KUFPEC China holds a 30 percent working interest.”

Production from the Yacheng offshore gas field has been supplying natural gas for power generation to Hong Kong via a 780 km pipeline since 1996. Additional natural gas, condensate and LPG are sold to customers on Hainan Island.

KUFPEC is currently active in 15 countries with 63 projects in Asia, Africa, Middle East, Europe, North America and Australia.

KUFPEC said it is working towards achieving its strategic plans aiming to increase its production to 200,000 barrels of oil equivalent per day (BOEPD) with reserves of 650 million barrels of oil equivalent (MMBOE) by year 2020 and maintaining it until year 2030.

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KCPC awarded $10.24m tender from Ministry of Public Works.

Kuwait Company for Process Plant Construction and Contracting -KCPC announced that it has been awarded KWD3 million ($10.24 million) tender from Kuwait’s Ministry of Public Works -MPW.

Muhammad Hamad Company’s Cheif Executive Officer told Mubasher that the tender related to the maintenance works of Kuwait’s high ways.

The agreement duration is two years and it is expected to generate profit margin of 4.75%, which will be reflected on the company’s financial statements for 2015 and 2016, added Hamad.

The company looks forward to sign the contracts of another tender also awarded from MPW at amount of KWD1.5 million. This tender will be related to the maintenance of the sewage system of Mubarak Al-Kabeer governorate, said Hamad.

Written by: Muhammad Farouk Kuwait Company for Process Plant Construction and Contracting -KCPC announced that it has been awarded KWD3 million ($10.24 million) tender from Kuwait’s Ministry of Public Works -MPW.

Muhammad Hamad Company’s Cheif Executive Officer that the tender related to the maintenance works of Kuwait’s high ways. The agreement duration is two years and it is expected to generate profit margin of 4.75%, which will be reflected on the company’s financial statements for 2015 and 2016, added Hamad.

The company looks forward to sign the contracts of another tender also awarded from MPW at amount of KWD1.5 million. This tender will be related to the maintenance of the sewage system of Mubarak Al-Kabeer governorate, said Hamad

No.of Reads (213)

Kuwait plans to spend $7bln on heavy-oil projects.

Kuwait, the third-largest producer in OPEC, plans to spend about $7 billion to develop heavy-oil fields even with crude prices near five-year low.

The first phase of the heavy oil production project will cost $4.2 billion, with contracts to be awarded by the end of this year, said Hashim Hashim , chief executive officer of Kuwait Oil Company (KOC) .

KOC plans to pump 60,000 barrels a day by 2018 in the project’s first phase , he added according to state run news agency – KUNA.

Moreover, Hashim added that KOC is going through with executing the second phase of natural gas development to reach its target goal of producing 500 million cubic feet a day by 2020.

Similarly, Well Surveillance Manager at KOC Saeed Al-Shaheen emphasized that KOC will increase its heavy oil production gradually until it reaches its target output of 270,000 barrels a day by 2030.

He noted that Well Surveillance is responsible for providing the project’s operational equipment, hardware and other services.

Via : KUNA

No.of Reads (194)

Abu Dhabi Financial Group seals $579m deal to buy New Scotland Yard.

New Scotland Yard, the headquarters of the Met police in London, has been sold to Abu Dhabi Financial Group for £370 million ($579.1 million), it was announced on Tuesday.

The Abu Dhabi investment company paid £120 million more than the asking price for the 1960s block and and plans a development of luxury flats on the site overlooking Westminster Abbey.As he signed the deal, the Mayor of London, Boris Johnson, announced plans to pump hundreds of millions of pounds into modernising frontline policing.

Proceeds from the sale will kick-start a major investment opportunity to secure the future of the Met Police, with the funds being used to kit out officers across London with mobile technology such as tablets, smartphones and body cameras, enabling them to spend more time out on the streets, according to a statement published by the Mayor’s office.

Marketed as ‘Ten Broadway’, the 1.7-acre site, 600,000 square foot building attracted intense interest from around the world, the statement said.In the end, there were 11 credible bids with ADFG, a multi-billion dollar alternative investment company based in Abu Dhabi, securing the deal.

With a track record of financing major central London developments, including the 1 Palace Street project adjacent to Buckingham Palace, ADFG now plans to create a mixed-use residential development on the site.Headquarters of the Met Police since 1967, the out-dated building was put on the market by the Mayor’s Office for Policing and Crime (MOPAC) in September, for a guide price of £250 million.

This sale is part of an ongoing radical overhaul of the Met estate which has so far raised £215 million through the sale of 52 under-used and outdated buildings.The operational HQ of the Met is now on the move to the Curtis Green building on Victoria Embankment.

Johnson said: “The sale of this under-used and outdated building means we can now not only protect that rich heritage, but also fund the new HQ and kit out bobbies with the latest mobile technology to secure the future of the force. This landmark deal allows us to preserve the past whilst giving today’s Met a vital cash boost so our officers can go on keeping London safe.”

Jassim Alseddiqi, CEO of Abu Dhabi Financial Group, said: “Ten Broadway will be one of the most important redevelopment projects undertaken in Central London this decade, replacing a world famous headquarters with a world class development. With the bid process now complete, we look forward to creating an exceptional new landmark for London.”

No.of Reads (199)

KNPC says Clean Fuels projects are crucial for Kuwait economy.

The Clean Fuels Project is existential for the oil-refining industry in Kuwait as it will provide environment-friendly products on high demand worldwide, a senior official at the Kuwait National Petroleum Company (KNPC) has said , according to the state news agency KUNA.

The KFP is likely to make of Kuwait a rival of the world’s leading companies in the field , KNPC Deputy CEO for Support Services Khaled Al-Asousi told said.

Kuwait is facing challenges trying to market oil products with their current specifications, he added.The KFP is a strategic KNPC project aiming at upgrading and expanding the company’s existing two refineries at Mina Abdulla and Mina Al-Ahmadi, transforming them into an integrated merchant refining complex that meets the diversified requirements of the world oil market.

Total refining capacity of the complex after the CFP is completed is expected to hit 800,000 barrels a day.Referring to reports on potential risks of the KFP, Al-Asousi said they are inaccurate, noting that the study by the risk management and quantitative analysis advisor as a comprehensive one for all the existing and future projects, tackling all possible scenarios.

The study aims at identifying potential risks of the KFP, so as to guarantee safety of the staff and the people in the surrounding area when the project is carried out, which is a KNPC top priority, Al-Asousi said.

Via: – KUNA

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“CityScape Kuwait” Opens its door today.

Cityscape Kuwait, the premier international real estate investment and development event in the State of Kuwait is scheduled to open doors on 7 – 9 December 2014 at Kuwait International Fairgrounds. The exhibition and conference is the latest from the world renowned Cityscape portfolio of events and set to be the largest real estate event ever to be held in Kuwait. Organized by Informa Exhibitions and Maksab Project Management, and extending over an area of 7000 sqm, the exhibition provides local, regional and international participants with the opportunity to network, seek out investment opportunities and create joint venture partnerships. It brings together investors, developers, architects and designers, governmental authorities, key decision makers and senior real estate executives involved in the design and construction of both public and private real estate developments. Deep Marwaha, Group Director of Informa, said “Cityscape is committed to producing market-leading events that support development, help bring industry transparency and encourage collaboration.

With the confirmed support from the local real estate community including developers, regulatory bodies, as well as international players, I am sure Cityscape Kuwait will quickly become a permanent fixture for the regional real estate and investment community.” Amongst the exhibitors participating at Cityscape Kuwait 2014, the local real estate development community will be showcasing local and regional projects to the 5000+ visitors expected. These include amongst others, Al Mazay Holding Co. National Real Estate Company, Wafra Real Estate, and United Real Estate Company. Engineer Ibrahim Al Saqa’abi, CEO of Al Mazaya Holding Co. said: “Al Mazaya Holding is keen to participate at Cityscape Kuwait considering the leading position of Cityscape exhibitions in the region and its vital role in shaping the real estate industry landscape.

Al Mazaya is keen to participate in key industry exhibitions such as Cityscape to consolidate its position in the real estate market as well as in the activities and services of multiple similar real estate projects in all sectors including residential, commercial, health and logistics”. Through its participation at Cityscape Kuwait, Al Mazaya will showcase to potential investors, various real estate products and latest projects. “Kuwait has a strong purchasing power and many nationals are willing to invest in projects inside and outside Kuwait”, said Al Saqa’abi. Running in parallel with the main exhibition, the Kuwait Real Estate Summit will take place on 7 – 8 December 2014.

The Summit will tackle vital topics related to the industry and will look to provide a platform for the real estate community to debate and discuss current issues. Other networking events planned provide attendees with a breadth of activities to keep them engaged throughout the three days of the event, including the Investor Round Tables, which provide senior executives to meet with likeminded professionals and discuss a variety of issues pertaining to real estate investment.

No.of Reads (196)

Saudi Aramco plans to build ‘energy mega city’ in Saudi Arabia.

Saudi Aramco has announced plans for an “energy mega city” to be built in the Kingdom’s eastern region, generating around $9bn per year for the Saudi Arabian economy.

According to the company’s vice president for planning Mohammed Al-Qahtani, the project is said to generate more than 300,000 direct and indirect jobs. He said during a conference in Skhirat, Morocco: “The project is aimed at achieving integrated development of oil and gas, petrochemicals, electricity and desalination of seawater.”

Saudi Aramco has made huge strides in recent years towards closer integration of its upstream and downstream operations.”Three years ago, Saudi Aramco took a strategic decision to strengthen the Kingdom’s position in oil production and refining by investing heavily in the sector and achieving integration with petrochemical, industrial and service sectors,” the vice president said.

The vice president also spoke about investment in the petrochemical industry, which currently has $15 billion worth of projects underway making it one of the most budding sectors in the Kingdom.
Al-Qahtani said: “We are involved in several joint ventures such as Sadara in Jubail with Dow Chemical, which is one of the biggest projects with a total investment of $20 billion.”

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Kuwait’s Mabanee to spend $910m on Avenue mall Phase-4 extension.

Kuwaiti real estate firm Mabanee said on Wednesday it would spend KD265 million ($910 million) on building the fourth phase of its The Avenues mall development.

The total project cost, including the fourth phase, stands at KD610 million ($2.09 billion), Mohamed Abdelaziz Al Shayee, chairman of Mabanee, said in a statement.The company did not give details on how the scheme would be funded.

In a separate bourse filing, Mabanee said its subsidiary, Al Rai Real Estate Company, has signed a three-year construction contract with Al Ahmadiya General Trading and Contracting Company worth KD114 million ($391 million) to build the fourth phase.

Opened in 2007, The Avenues is the largest shopping mall in Kuwait and currently has over 800 stores, according to its website.

Via – Reuters

 

 

  No.of Reads (215)

Kuwait plans to implement tourist projects

Since it boasts tourist potential, Kuwait is planning to carry out tourist attraction projects, promote tourist quality and fan out public awareness in the domain of tourism, a senior Kuwaiti official said here on Thursday.

“Such projects are part of Kuwait’s tourist strategy which matches a relevant Arab strategy. This strategy will be effective as of next April,” Assistant Undersecretary of the Kuwaiti Ministry of Commerce and Industry for Tourism Samira Al-Ghareeb told KUNA following the wrapping-up of the 17th meeting of Arab ministers of tourism.

Kuwait attaches much attention to family tourism which is needed by GCC member countries through carrying out fresh projects, including a new airport, as part of the country’s five-year development drive, said Al-Ghareeb, who is also head of the participating Kuwaiti delegation.

She added that Kuwait enjoys a lot of tourist potential and that state bodies involved are working together to support the tourist sector in the country.On participation in the meeting, the official said Kuwait’s involvement in the gathering reflected its keenness on reactivating the role of the Kuwaiti tourist sector in joint Arab cooperation in all fields.

She added that the conferees had focused on the way to wipe out obstacles that impede the implementation of the Arab tourism strategy and promotion of tourist exchange and experience among Arab countries.

The 17th meeting of Arab ministers of tourism started here earlier in the day with Secretary-General of the Arab League Nabil Al-Araby warning that Arab tourism is undergoing a serious juncture amid political events and growing terrorism that pose a threat to security and stability in the region.

But, he called on Arab countries to develop a joint vision for cooperation in the field of tourist security and safety.He also emphasized that concerted efforts need to be exerted in order to notch up the aspired goals of sustainable development, economic and social advancement, and programs and mechanisms for holistic Arab development.

No.of Reads (177)

Kuwait looks to cut number of expat driving licences.

Kuwait has introduced a number of amendments to the issuing of driving licences for expat workers with a view to reducing the traffic jams and cutting the number of cars on the road.Unless exempted, expats must hold a valid two-year residency before applying for a driving licence, hold a university degree and earn a monthly salary of $2,061 (KD 600). The driving licence will be also be linked to the residency visa (iqamas).

Interior Ministry Assistant Undersecretary for Traffic Affairs Maj Gen Abdullah Mehanna said the amended traffic law is meant to fix loopholes in the current law, and to control the number of vehicles on the roads.“The new law tightens the controls over the issuance of driving licenses for expatriates and renewal of vehicle licenses with a view to reducing traffic jams and cutting the number of cars, particularly the dating ones,” Mehanna said.

“The Interior Ministry is coordinating with the Ministry of Social Affairs and Labour to link between the periods of residency and driving licenses in order to prevent foul play by some expats who manipulated some loopholes in the current law,” he added.

According Mehanna, the traffic department issued 38,406 driving licenses and registered 152,400 direct violations and 4,000 indirect ones in the last nine months.

The list of those exempted from the new amendments includes non-Kuwaiti wives, widows and divorcees of Kuwaiti men who have Kuwaiti children, husbands of Kuwaiti women, illegal residents (bedoons) holding valid security ID cards and students registered in a university or a PAAET institute in Kuwait.

Those exempted from the residency and salary conditions include: housewives who have children and whose husbands already hold driving licenses, members of diplomatic corps, professional sport clubs’ players, drivers, general representatives (mandoubs), passport and Ministry of Social Affairs and Labour representatives who already hold valid driving licenses from their respective countries, judges, members of the public prosecution, chancellors, experts, university and PAAET teaching staff members, journalists, members of the media, doctors, pharmacists, engineers, teachers, social workers, researchers, translators, librarians, imams working for the government and sports trainers.

Also exempted from the residency visa condition are: private drivers who have been working for a minimum five years for the same sponsor (provided they change their profession to ‘driver’), specialised technicians in the oil sector, nurses, physiotherapists, other medical technicians, pilots, captains, their assistants and washers of dead bodies. In addition the decision exempts general managers, their assistants, managers and accountants.

Via : Kuwait Times

No.of Reads (176)

KOC inks $152m contract with Sun Drilling Company

Kuwait Oil Company – KOC has concluded an agreement worth of $152 million with Sun Drilling LLP, said people close to the matter. Under the agreement, Sun Drilling will supply KOC with drilling rigs in the frame work of KOC’s future drilling program.

Sources that were cited by Arabic daily Alanba newspaper, noted that the agreement duration is five years and KOC is expected to receive 1500HP drilling rigs.

The new contract comes in the frame work of group of contracts which KOC has signed recently with different local and global companies to supply it with 38 drilling rigs within five years, said sources.

The drilling agreements are considered one of the major schemes that the Gulf-rich state undertakes in order to enhance production plans and to implement national mega drilling projects to boost oil output to 4 mln bpd by 2020, added the source.

Currently Kuwait owns 35 drilling rigs, noted the source. Meanwhile, Kuwait plans to invest around $40 billion to boost its oil production capacity to 4 million barrels per day (bpd) by 2020, said earlier news reports

The OPEC state has a crude oil production capacity of around 3.4 million bpd and its production is in the range of 3 million bpd.

 

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Dow Chemical CEO says not quitting Kuwait, but shifting strategy.

U.S. petrochemicals giant Dow Chemical Co is not pulling out of Kuwait but is shifting strategy, its chief executive said on Monday, after the company announced plans to reduce its equity positions in all of its Kuwaiti ventures.

Asked about Dow’s strategy in Kuwait, Chief Executive Andrew Liveris, speaking on the sidelines of a conference in Dubai, said his company was “moving from doing commodities just for commodities sake, moving more downstream and Kuwait is more about commodities…””We are not pulling out of Kuwait,” he said.

Dow Chemical announced earlier this month said that as part of a $7-$8.5 billion divestiture plan, it would reduce its equity positions in all of its Kuwaiti ventures, in order to release capital for other strategic purposes. It did not give details.

Kuwaiti state news agency KUNA earlier this month quoted a senior Kuwaiti executive as saying that the Gulf Arab state was planning to offer to the public the shares in Kuwaiti joint ventures which Dow Chemical planned to sell off.

Via : KUNA

No.of Reads (147)

Kuwait suspends 75 companies over ‘fake employees’.

Seventy-five companies have been suspended from operating in Kuwait for breaching nationalization rules.The companies claimed a total of 500 fake Kuwaiti employees to avoid sanctions for not meeting minimum quotas, local media reported.

Kuwaitis make up only 5 percent of workers in the private sector, with the majority of locals working in the country’s significantly bloated public sector.

The government, along with other GCC states, has implemented minimum quotas for the hiring of Kuwaitis in a bid to encourage more to move to the private sector. However, attractive perks and salaries in government jobs has seen few switch.

No.of Reads (149)

Kuwait Airways has announced to buy 10 Boeing aircraft worth $3.3bn.

Boeing Co. said Kuwait Airways has announced its plan to purchase 10 777-300ER (Extended Range) airplanes worth $3.3 billion at current list prices, according to RTT News.

Marty Bentrott, vice president of Sales for Middle East, Russia and Central Asia, Boeing Commercial Airplanes, said: “We appreciate the start of a new partnership with Kuwait Airways.

Boeing looks forward to an enduring relationship with Kuwait Airways and we are excited to see that the 777-300ER airplane, which is the preferred long-haul carrier for so many airlines around the world, will now play an important role in the airline’s fleet strategy and expansion.”

No.of Reads (451)