Quotes: 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
 May 6 2015 - HE the Chief of Staff Meets French CommanderQatar News Agency
(MENAFN - QNA) HE the Chief of Staff of the Qatari Armed Forces Major General (Pilot) Ghanim bin Shaheen Al Ghanim met Wednesday with Chief of Staff of the visiting French Army General Jean-Pierre ...

 May 6 2015 - Croatian Deputy Prime Minister Meets Qatari AmbassadorQatar News Agency
(MENAFN - QNA) Deputy Prime Minister and Minister of the Interior of the Republic of Croatia, Ranko Ostojic, met here on Wednesday with Qatar's Ambassador to the Republic of Croatia, HE Sheikha Moza ...

 May 6 2015 - Pakistani Army Chief of General Staff Meets Qatar's AmbassadorQatar News Agency
(MENAFN - QNA) Pakistan Army Chief of General Staff Rashid Mahmood met here today with HE Qatar's Ambassador to Pakistan Saqr bin Mubarak Muhammad Saqr Al Mansouri. Talks during the meeting focused ...

 May 6 2015 - Advisory Council's Services Committee MeetsQatar News Agency
(MENAFN - QNA) The Advisory Council's Services and Public Facilities committee on Wednesday held its first meeting during the council's 43rd regular session under the chairmanship of its rapporteur ...

 May 6 2015 - Municipality Minister Meets Tunisian Environment MinisterQatar News Agency
(MENAFN - QNA) HE Minister of Municipality and Urban Planning Sheikh Abdul Rahman bin Khalifa Al-Thani on Wednesday met at his office with Tunisian Minister of Environment and Sustainable ...

 May 6 2015 - HE State Defense Minister Holds Meetings in TurkeyQatar News Agency
(MENAFN - QNA) HE Minister of State for Defense Affairs Major-General Hamad bin Ali Al Attiyah met Wednesday with Turkish Minister of Defense Ismet Yilmaz on the sidelines of the International ...

 May 6 2015 - Minister of Justice Meets Heads of GCC DelegationsQatar News Agency
(MENAFN - QNA) HE the Minister of Justice Dr. Hassan bin Lahdan Al Mohannadi met here on Wednesday with the heads of delegations participating in the first meeting of GCC officials for family ...

 May 6 2015 - Dubai's Jumeirah Group logs 5.2 percent revenue growth in 2014MENAFN
(MENAFN) Jumeirah Group, the Dubai-based hotel developer, recorded a revenue growth of 5.2 percent for 2014, marking a decline from the 8 percent reported a year ago, Arabian Business ...

 May 6 2015 - Two dead, 8 injured in Azraq - JordanJordan News Agency
(MENAFN - Jordan News Agency) Two citizens were killed and eight injured when two cars collided in Azraq town, north-east the Kingdom, Civil Defense Directorate said.Rescue teams in Zarqa governorate ...

 May 6 2015 - Israel test launches missile propulsion systemJordan News Agency
(MENAFN - Jordan News Agency) Israel tested a ballistic propulsion system for a satellite delivery Tuesday morning.A statement by the Defense Ministry said that the launch, conducted over central ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

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