Premier heads Supreme Petroleum Council meeting

AIT: His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah chairs the 115th meeting of the Supreme Petroleum Council yesterday. — KUNA

KUWAIT: Kuwait Petroleum International (KPI), a Kuwait Petroleum Corporation (KPC) subsidiary, now owns a 50 percent share of Oman's Duqm refinery, the Supreme Petroleum Council confirmed yesterday.

Ownership of Oman's key refinery was finalized during the 115th meeting of the Supreme Petroleum Council which took place yesterday at Seif Palace, Oil Minister Bakheet Al-Rashidi said in a statement. His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah headed the meeting.

Rashidi touted the Omani Duqm refinery project as a highly lucrative enterprise, saying that the deal with the Omani Oil Company (OOC) "would prove equally beneficial for both nations." "This partnership represents a step towards bringing one of the most monumental projects in the region to fruition," Rashidi said. Meanwhile, His Highness the Prime Minister expressed hope that the project "would help put Oman directly on the path to prosperity."

The refinery, run by the joint venture between OOC and KPI, will be able to process 230,000 barrels of crude oil per day and occupy 900 hectares in the Duqm industrial zone, with expected investments of up to $15 billion over the next decade.

Municipality's role

Separately, His Highness the Prime Minister has expressed his great pride in Kuwait Municipality's role in promoting the urban development process. This came in a statement by His Highness the Premier to Kuwait Municipality's magazine during his reception to Minister of Public Works and Minister of State for Municipal Affairs Hussam Al-Roumi and Director General of Kuwait Municipality Ahmad Al-Manfouhi.

His Highness the Premier praised the obvious development in the municipality's performance in recent years, and its efforts in facilitating citizens' procedures, stressing the importance of implementing the law on everyone. He pointed to the fourth structural plan of the State of Kuwait because it represents a cultural leap in the field of urban development, taking into account population growth and ambitious plans to promote economic and social development projects that will show the bright face of Kuwait. He also expressed his great confidence in Kuwait's youth, stressing the government's keenness in supporting them and providing the appropriate environment to develop their skills and energies. - KUNA