Kuwait’s Parliament to Discuss Foreign Oil Investment Next Week
Kuwait’s parliament agreed Monday to dedicate next Wednesday’s session to discuss giant oil companies' participation in development of north oil fields in the Gulf state, reported the Kuwaiti News Agency (KUNA).
Oil minister, Adel al-Sabeeh said he was ready to answer all inquiries about the project.
“This is a national project because it was a result of collective efforts of the cabinet, consultants and executives in the oil sector,” he said.
The agency said that several MPs stressed the need to ratify several laws to facilitate foreign investments.
Last month, the parliament backed a draft bill which calls for the opening of the country to foreign investments in a bid to boost the sagging national economy.
The bill also allows foreign investors to establish companies in the emirate without a Kuwaiti sponsor or partner, currently needed for any business venture.
MPs said the bill would help bring advanced technology and modern management, besides billions of dollars of investment needed to revitalize the local economy.
According to figures released by the Kuwaiti Investment Authority, total foreign investments in the emirate in the past 20 years amounted to just $550 million -- Albawaba.com
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