(MENAFN - Kuwait News Agency (KUNA)) Oil stock in Burqan oil field in Kuwait is much higher than what is being reported, a senior government official said Wednesday and noted there were even larger quantities of oil reserves.
There are new figures of oil reserves in Kuwait which will be announced in near future, Deputy Premier for Economic Affairs, Minister of State for Housing and Minister of State for development Sheikh Ahmad Fahad Al-Sabah told reporters on sidelines of the last session of Kuwait's Transparency Forum.
He said it was difficult to determine the real figures of reserves in oil countries because they needed thorough studies and giant investments.
Sheikh Ahmad called on importance of realizing a balance between oil production and international oil prices.
The real problem, he added, was taxes imposed by some countries on oil products. Sheikh Ahmad said the Gulf countries, including kuwait, were seeking alternative resources other than oil, citing investments in alternative energy.
He attributed the investments in alternative energy to the growing international oil demand. This, he added, forced some countries to go back to coal mines.
Sheikh Ahmad, asked about the privatization law, said the bill was approved by the parliament in the first reading.
He noted that there were some remarks on the bill which would be discussed by the government and parliament to reach a "positive" privatization law.
The government and parliament share the objective of protecting jobs of government employees