Kuwait Urged to Privatize Oil Sector
The Kuwaiti government should include the oil sector in its privatization plans, the former official in charge of Kuwait’s vast foreign investments said on Monday.
Ali Al Bader, who headed the Kuwait Investment Authority, told the Gulf Daily News that citizens should become the owners of drilling, refining, transport and export operations.
“If privatized, the state-controlled oil sector will provide job and investment opportunities for citizens,” Bader said.
Bader said Kuwait should sell its stake in local companies and stop competing with individuals because its revenues from such firms were equal to earnings from oil and foreign investments for a mere 10-day period – Albawaba.com