Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait- Parliament cmte discusses state petroleum sector '14-15 budget  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 04/06/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Kuwait News Agency (KUNA)) The parliament Budgets and Final Statements Committee discussed the 2014-15 budget of Kuwait Petroleum Corporation (KPC) and its subsidiaries on Tuesday.

KPC's total revenues for the 2014-15 fiscal year are expected to reach around KD 25 billion with expenses worth KD 24 billion. This leaves net production of around KD one billion, revealed a statement by the head of the committee Adnan Abdulsamad. (KD equals USD 3.54).

The consolidated net profit proposed for the budget has increased by KD 59.4 million to KD 1.0405 billion, added the lawmaker. KPC has also allocated appropriations for the replacement of fixed assets for an amount of KD 345 million.

As for the production capacity of Kuwaiti crude oil, he added this was 3.258 million barrels per day (bpd), with production at an average of 2.7 million bpd.

KPC had recently adopted a decision to liquidate Oil Development Company, and that due to this, no budget will be planned for ODC. The company's activities and employees will be shifted to KPC and its subsidiaries, all except for consultancy activities, he said.

Another of KPC's subsidiaries, Kuwait Oil Tankers Company (KOTC) is set to receive seven new tankers (three for crude and four for petroleum derivatives). With the new shipments, its fleet will be upgraded to a total of 30 tankers.

The new liquefied gas fueling location at Umm Al-Aish, north of the country, will be operational in the first quarter of the financial year, while a new hospital in Al-Ahmadi will also be open to KPC employees during the financial year, thus providing 350 jobs.

The lawmakers discussed the reasons behind the increase in the total operational expenditure, worth KD 195.5 million, whereby their discussions revealed that 88.7 percent of this increase was in respect to employee wage and bonus increases and pay rises.

As for the development plan and capital projects, KPC has brought 60 projects on board, mainly the environmental fuel (KD 4.68 billion) and new refinery (KD four billion) projects.

On the observations made by the lawmakers regarding this, Abdulsamad said KPC had made several changes to its original plans, thus leading to an increase in the cost of these projects and their deadlines.

The two highlighted projects are expected to provide 1,000 new job openings when they are completed. KPC currently employs 16,207 Kuwaitis and 3,175 non-Kuwaitis.

It also has 2,156 vacant positions (1,460 for Kuwaitis and 696 for non-Kuwaitis). These positions are mainly for high-skilled labour in engineering and the medical profession, he added.

Until the end of the current 2013-14 fiscal year, KPC has managed to hire 1,414 employees out of its plans to target a total 1,726 jobs. KPC attributed the remaining job openings to the lack of the required skills amongst applicants, he said.

As for the average of locals working in KPC, he said this rose from 82.2 percent to 83.6 percent, he said, adding that it only spent 20 percent of the KD 30 million allocated for internal training courses of its employees.

KPC was asked to provide a detailed report of its negligence to fulfill the desired quota due to its importance to the development of the skills of its workforce.

As for its social responsibility duties to provide 15 scholarships to locals, KPC was asked to seek plans aimed at increasing these numbers.

 


Kuwait News Agency (KUNA)




  MENA News Headlines
 Dec 20 2014 - Etihad has no further A380 orders, Boeing 787 delayedMENAFN
(MENAFN) Etihad Airways is not interested in ordering any more Airbus A380s, while the launch of its first Boeing 787-9 Dreamliner into service has been delayed, Gulf News reported.The Dreamliner ...

 Dec 20 2014 - Saudi rail expansion contributes to domestic tourismMENAFN
(MENAFN) Saudi Railways Organization (SRO) President has lauded the efforts of Saudi Commission for Tourism and Antiquities (SCTA) in developing the tourism sector and preserving national heritage, ...

 Dec 20 2014 - Tunisia, Germany sign USD55.21m loan agreementMENAFN
(MENAFN) Tunisia and Germany have signed a loan agreement worth USD55.21 million for the modernization of more than 300 educational institutions in the different regions of the country, QNA ...

 Dec 20 2014 - Qatar- Magnificent Mirza wins stage 2The Peninsula
(MENAFN - The Peninsula) Overnight leader Azzedine Lagab yesterday retained his position at the Tour of Zubarah where defending champion Yusif Mirza of the UAE produced a late burst to win stage ...

 Dec 20 2014 - Aishwarya to make comeback with JazbaaKhaleej Times
(MENAFN - Khaleej Times) Jazbaa is a contemporary thriller set in modern-day Mumbai. Los Angeles - Former Miss World and popular Bollywood actress Aishwarya Rai Bachchan will make her comeback with ...

 Dec 20 2014 - UAE- Srikanth looks to change strategy for next two tiesKhaleej Times
(MENAFN - Khaleej Times) Indian star Kidambi Srikanth set to play Sugiarto and Jorgensen in Dubai event.Kidambi Srikanth faltered in the first set but made a strong comeback against Kento Momoto on ...

 Dec 20 2014 - UAE- Aussie rookie makes an early impactKhaleej Times
(MENAFN - Khaleej Times) Cannon makes statement for Mena Golf Tour with a steady performance at the Dubai Open. Chris Cannon was playing for the first time in an asian tour event Dubai — An ...

 Dec 20 2014 - UAE- Chen and Saina cruiseKhaleej Times
(MENAFN - Khaleej Times) South Koreas Bae shocks Chinese No.Saina Nehwal of India in action against Sung Ji Hyun of South Korea at the BWF Destination Dubai World Superseries Finals on Thursday. ...

 Dec 20 2014 - UAE- Teary-eyed for 132 dreams lostKhaleej Times
(MENAFN - Khaleej Times) Pak ambassador condemns Taleban for using Islams cover to justify massacre Abu Dhabi: The Pakistani community in Abu Dhabi gathered at the embassy on Thursday morning to ...

 Dec 20 2014 - IT teacher steals students iPad sells it onlineKhaleej Times
(MENAFN - Khaleej Times) The teachers theft was allegedly busted after she posted an advertisement on a popular website to sell the iPad. Dubai: An Information Technology (IT) teacher is standing ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help