Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait to mark 40th anniversary of Supreme Petroleum Council Tuesday  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 26/08/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Kuwait News Agency (KUNA)) Kuwait will mark Tuesday the 40th anniversary of establishing the Supreme Petroleum Council, a body that comprises top official decision-makers, tasked with the general strategies of the oil sector, which secures to the crude markets some three million barrels of oil per day.

The council is basically charged with preserving the State oil resources, developing the key sector to pave way for building full and integrated petroleum industries, ensuring that the sector be manned by national cadres and overseeing implementation of the production, pricing and operational policies, in line with interests of the State and people.

It was established according to an Amiri Decree on August 26, 1974, chaired at the time by the late, His Highness (the Father Amir), the Crown Prince and Prime Minister Sheikh Saad Al-Abdullah Al-Salem Al-Sabah, who served in the post till 1993. After amendment of the relevant Amiri Decree, the council was headed by His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, who was serving at the time as the Deputy Prime Minister and Minister of Foreign Affairs.

His Highness Sheikh Sabah, in his (former capacity) as the Deputy Premier and Foreign Minister, had chaired the council between 2003 and 2010.

But in 2013, a new decree was issued regarding formation of the council, where it grouped ministers, technocrats and non-governmental figures, under chairmanship of the prime minister.

The council draws up the State general policies, as to supervision, exploration and drilling for crude oil, natural gas and other hydrocarbon resources, in addition to their storage and refining of the crude and its derivatives. Moreover, it supervises general strategies for marketing and transporting the crude oil, gas and by-products.

It also looks into applications for establishing new oil companies, oversees operational services, establishing, maintaining and operating plants and installations.

Furthermore, the council supervises studies and researches in all sectors related to the oil wealth, in addition to upgrading skills of the national labor.

The Supreme Petroleum Council had taken key decisions for developing the oil industries, some related to soliciting foreign companies' expertise to develop the national sector.

It had approved strategies, prepared by the Kuwait Petroleum Corporation and its subsidiary companies, stipulating establishment of the petrochemical and refining plants in addition to privatizing the fuel stations.

It had also blessed various vital ventures, such as building the aromatics plant, a second olfines plant and a new refinery with a capacity of 400,000 barrels per day.

Among its achievements is approval of the privatization program for the oil sector, expanding and upgrading the refineries. It had earmarked up to KD four billion for building the new refinery and endorsed amendment of staff payments and allowances at the KPC and its affiliates.

The council groups the foreign minister, the ministers of oil, trade and commerce, the Central Bank of Kuwait's governor and ten experts, with a three-year mandate.

 


Kuwait News Agency (KUNA)




  MENA News Headlines
 Sep 21 2014 - Al-Nusra Front executes seized Lebanese soldierArab News
(MENAFN - Arab News) BEIRUT: A Lebanese soldier has been executed by the Al-Nusra Front the Syrian affiliate of Al-Qaeda the government said on Saturday.The soldier 'was killed by terrorist groups ...

 Sep 21 2014 - Saudi- Emirates lounges: 320m investments boost facilitiesArab News
(MENAFN - Arab News) Over 22 million customers have enjoyed the haven of an Emirates Lounge since the airline opened its first international lounge outside of its Dubai hub and demand is growing.In ...

 Sep 21 2014 - Saudi- KAEC begins sales of luxury villas at Golf Community 2Arab News
(MENAFN - Arab News) King Abdullah Economic City (KAEC) has announced the sales launches of 147 luxury villas in Al-Murooj Golf Community 2.The sales events will be held at the Jeddah's Park Hyatt ...

 Sep 21 2014 - Saudi- IE Business School creates Corporate MBA for ICDArab News
(MENAFN - Arab News) IE Business School has created a Corporate MBA for the Islamic Corporation for the Development of the Private Sector (ICD). The school and the ICD signed a partnership agreement ...

 Sep 21 2014 - Paper Arabia attracts Saudi participationArab News
(MENAFN - Arab News) The 7th edition of Paper Arabia 2014 described as the biggest to date kicks off Sunday in Zabeel Hall 1 of the Dubai International Convention and Exhibition Centre.Revealing ...

 Sep 21 2014 - Saudi- Islamic banking: Who is in controlArab News
(MENAFN - Arab News) The Islamic Development Bank's (IsDB) successful sukuk issue clearly demonstrates the market remains open to welcoming this kind of financial activity. Also the Islamic finance ...

 Sep 21 2014 - Saudi- Record 280 exhibitors at Cityscape GlobalArab News
(MENAFN - Arab News) Cityscape Global described as the Middle East's largest and most influential property show opens Sunday with 35000 participants expected from around the world and exhibitor ...

 Sep 21 2014 - Higher land prices accelerate rent inflation in QatarArab News
(MENAFN - Arab News) Higher land prices continue to put upward pressure on Qatar's rent inflation says a report released by the QNB Group. Citing the latest Ministry of Justice data it said land ...

 Sep 21 2014 - Saudi- Etihad Rail inks deal to protect key installationsArab News
(MENAFN - Arab News) Etihad Rail the developer and operator of the UAE's national railway has signed a major memorandum of understanding (MoU) with the UAE's Armed Forces.Both parties will work ...

 Sep 21 2014 - Saudi- Banking conference to draw top speakersArab News
(MENAFN - Arab News) The 21st annual edition of the World Islamic Banking Conference (WIBC 2014) which will be held with the support of Prince Khalifa bin Salman Al-Khalifa prime minister of Bahrain ...

more...


 






Google

 
 

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help