Kuwait

Country to 4 million barrels per day by 2020, expected International Kuwaiti investments

Kuwait Stock Exchange (KSE) indicators closed the trading of 2013 with a rise. The price index of the Kuwaiti market was positive throughout the year, recording a rise of 27.22 %, according to a direct report, after it closed at 7,549.52 points, as compared with the close of the last session of the previous year at 5,934.28 points. Subsequently, the index attained annual gains amounted to 1,615.24 points. The value of traded shares at the close was about 4.21 million Kuwaiti dinars with an amount of shares amounted to about 246 million shares through 5,263 transactions. The stocks of “Gulf Finance, Mayadin, Mustathmirun (Investors), Athmar and Abyar” companies were the most actively traded stocks while the stocks of “First Takaful Insurance (FTI), Kuwait, Tiba, an-Nakheel and REAM”were the highest. It is worth mentioning that the Capital Market Authority has agreed on establishing a joint-stock company under the name of the “Kuwait Stock Exchange for Securities” with an authorized capital of 60 million dinars and a subscribed capital of 6 million dinars and paid-up capital of 1.5 million Kuwait has adopted programs to help produce four million barrels per day by 2020, as it seeks to stimulate the private sector and attract foreign investments. Indeed, the Petroleum Corporation strategy, which is in force until 2030, requires intensified mining operations in a bid to compensate any production and maintain a 100%-reserve, as it is currently. Kuwait, which has the world’s sixth biggest oil reserves, is working to improve methods of extraction from the currently known hydrocarbon reservoirs and to continue exploration onshore and offshore. New refinery projects, environmental fuel, Vietnam and China refineries, as well as Lower Fars Heavy Oil Field Development, are the major projects that are carried out now to achieve the level of production of 60 thousand barrels per day. Regarding the developmental investment, Kuwait has allocated three billion dollars for trade with Turkey through the establishment of 78 companies. This amount is expected to rise to nearly one billion dollars. Kuwait also plans to produce shale gas with a capacity up to 200 million cubic feet per day. Kuwait also voices readiness to invest in a huge real estate project in the USA, costing $15 billion. In contrast, Kuwait recently hosted the events of the Afro-Arab Summit for two days. His Highness, the Emir of Kuwait, Sheikh Sabah Al-Ahmad Al-Jaber Al –Sabah, opened the summit declaring that Kuwait will offer soft loans to African countries, worth $1 billion over the next five years.