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MENAFN - Kuwait News Agency (KUNA) - 05/06/2014
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(MENAFN - Kuwait News Agency (KUNA)) The National Assembly committee on state budget and final accounts continued its 48th session on Wednesday with discussions on the draft budget of Kuwait Petroleum Corporation (KPC) and its offshoots, notably Kuwait Oil Company (KOC) and Kuwait Gulf Oil Company (KGOC).

The committee members mulled the financial problems facing the launching of KOC's scientific research center, chairman of the committee Adnan Abdul-Samad told reporters after the meeting. "Since it got the greet light in 2009, this key project received only KD 200,000 of the appropriations approved in FY 2011-2012 and FY 2012-2013 amounting to KD four million," he said noting that the draft FY 2014-2015 set aside no further funding for the project.

"The MPs noted a clear shortage of funding for the state projects and late implementation which result in more costs and delay of economic benefit from these projects," he pointed out.

On the appropriations for the healthcare of the oil sector in the new budget, Abdul-Samad said they amount to KD 177 million, including KD 22 million for overseas treatment, noting that KOC will contribute KD 50 million to the figure.

"KOC's total expenditure amounts to KD 1.8 billion while the costs of KGOC's 12 projects amount to KD 87.3 million," he disclosed, noting that the implementation of some of these projects is behind schedule.

The oil output, envisaged in the new draft budget dropped from 294,000 bpd in 2010 to 258,000 bpd, he went on. Regarding the associated petroleum gas, he said the ratio of gas flare went up from 39 percent in 2013 to 50 percent in 2014 despite the stability of the oil production in the two years.

 






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