Oil & Gas Kuwaiti oil producer’s profit hits 10-year high at $8.4bn By Pramod Kumar July 31, 2023, 5:43 AM Kuwait News Agency Nawaf Al Sabah expects the Duqm refinery in Oman will be fully operational by year-end State-owned Kuwait Petroleum Corporation (KPC) and its subsidiaries have reported the highest net profit for a decade. Profits for 2022 to 2023 reached 2.6 billion Kuwaiti dinars ($8.4 billion). KPC increased its oil production capacity by 200,000 barrels per day (bpd) to 2.8 million bpd in the same period, state-run Kuwait News Agency reported, citing KPC CEO Nawaf Saud Al Sabah. Kuwait PM’s in-tray: public debt and budget reform Saudi and Kuwait reassert claims to Durra oil field The company’s refining capacity jumped 50 percent to 1.2 million bpd, a figure that the company is seeking to raise to 1.4 million bpd this quarter, the CEO added. “After more than eight decades of oil and gas production from the mainland of Kuwait, the Kuwait Oil Company drilled Kuwait’s first offshore well, as part of a broader KPC’s plan to raise production capacity to four million barrels per day by 2035,” Al Sabah said. He predicted that the Duqm refinery in Oman will be fully operational by year-end, pushing Kuwait’s refining capacity from joint ventures in Oman, Italy and Vietnam up to over 600,000 barrels per day.
Finance Jordan to get $131m under IMF’s finance programme Jordan will receive $131 million from the International Monetary Fund (IMF) under its $1.2 billion extended fund facility programme (EEF). The four-year programme, approved in January 2024, remains on track, the IMF said in a statement following the completion of a second review. Jordan’s economy continues to grow amid low inflation, the fund said, adding […] 4 hours ago
Leisure & Hospitality Hilton set to triple Egypt presence with new brands Hilton is set to triple its presence in Egypt, increasing the number of hotels to 25 and expanding its footprint to more than 40 properties over the coming years. The expansion includes the opening of its lifestyle brand, Tapestry Collection, on the African continent, as well as Egypt’s first Curio Collection and a resort under […] 3 hours ago
Trade UAE finalises trade deal with five-nation EAEU bloc The UAE has finalised an economic agreement with the Eurasian Economic Union (EAEU) that will reduce or remove tariffs and eliminate technical barriers to trade with five countries. The economic partnership agreement with the EAEU, made up of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, will align customs procedures and harmonise digital trade and ecommerce, UAE […] 12 hours ago
Tourism Saudi Arabia donates $52m for Paris Pompidou Centre renovation Saudi Arabia has agreed to donate €50 million ($52 million) towards the renovation of the Pompidou Centre, one of the landmark buildings in Paris. Officially named Centre National d’Art et de Culture Georges Pompidou, the building is closing next year for five years for renovation works. Famous for its inside-out architecture and colourful exterior, it […] 14 hours ago
