Kuwait University to host International Petroleum Conference
Kuwait University, in coordination with the Kuwait Foundation for Advancement of Sciences (KFAS) and Kuwait Oil Company (KOC), is organizing the first Kuwait International Petroleum Conference & Exhibition (KIPCE) 2002, from December14 th to 16 th , 2002. Chevron Texaco, Conoco Philips and Kuwait Shell are sponsoring the event.
The event aims at featuring in the exhibition the latest equipment used in oil production and operations, hence increasing efficiency.
The organizing committee is encouraging oil experts to present discussion papers during the event.
Priority for national employment in Kuwait
Kuwait, along with other Gulf Cooperation Council Countries, is speeding up the process of providing maximum employment to Kuwait Nationals. Kuwait’s educational system for producing good graduates every year, but the influx of graduates is also creating unemployment. The Government of Kuwait is doing everything possible to address this issue by creating enough jobs for the citizens. The Government is also optimistic that the private sector should also accept more national employees to help in energizing the country’s economy.
Oil Prices
Kuwait’s Crude Oil price was within the OPEC’s target range of $ 22 to 28 starting in March 2002. The prices during the fourth quarter of 2001 and the first two months of 2002 were below this target range. The price of Kuwait’s export crude rose from the average of $ 16.6 for the fourth quarter of 2001 to an average of $ 24.2 in the second quarter of 2002 and hit $ 26.5 by mid-September.
Kuwait GDP
Kuwait’s Gross Domestic Product (GDP) declined by 8.5% in 2001 according to the figures released by the Ministry of Planning. The drop follows two years of double-digit growth of 15% and 24%. The decline is largely attributed to the lower average price of crude oil combined with lower production.
The GDP estimates for 1999 and 2000 lowering them by US$ 626 Million and US$ 1,964 Million, respectively.
The DGP for oil sector fell by 17.9% reducing the sector’s contribution to total GDP to 47%. The bulk of the drop in the oil sector came from a decline in Kuwait’s crude price that averaged $ 21.3 per barrel in 2001, 17.2% lower than 2000. This, combined with a 2.5% drop in the average crude production target set by OPEC for Kuwait caused oil GDP to fall by US $ 3,134 Million.
Balance of Payments:
The Balance of Payments (BOP) figures recently released by the Ministry of Planning showed that Kuwait is realizing a substantial current account surplus of US$ 8.6 Billion during 2001. This is the second largest current account surplus since liberation of Kuwait and is only exceed by the larger surplus seen in 2000.
The net increase in foreign assets of government institutions including Kuwait Petroleum Corporation (KPC), the Public Institute for Social Security (PIFSS), Kuwait Airways Corporation (KAC) and the Central Bank of Kuwait (CBK), which defines Kuwait’s broader measure of BOP, was a sizeable US$ 10.33 billion albeit 19% smaller than last year.
Meanwhile, Kuwait continued to get the payments from the United Nations Compensation Committee, strengthening the country’s BOP.
Tenders/Pre-Qualifications Announced
The following tenders were announced during October 2002:
1.
New Power Supply for Ratqa and Abdally Border Fields – North Kuwait
Client: Kuwait Oil Company
Closing date: 19th November 2002
Official Gazette No.585
ARABI ENERTECH is qualified to bid for this project along with ten other bidders.
2.
Construction and maintenance of car parks at Civil Information Authorities offices.
Client: Public Authority for Civil Information
Closing date: 10th November 2002
Official Gazette No.585
3.
Supply and Installation of three Transformer Stations (132/11 KV)
Client: Ministry of Electricity & Water
Closing date: 1st December 2002
Official Gazette No. 586
The following international companies are qualified to bid for this project:
1. Suenebs AG
2. ABB Colar Emag Schaltanlagen AG
3. Hitachi High Technologies Corpn.
4. Alstom Company
5. Mitsubishi Electric Co.
6. Toshiba Electric Co.
7. Janz Trans-electro Co. Ltd.
8. Mirlan Geran Co.,
9. Ansaldo SPA
10. Alen Holik BV
11. Hyundai Heavy Industries
12. Hyundai Engineering & Construction
4.
Maintenance Works for Marine Pier Systems for Oil Loading in Shuaiba Refinery
Client: Kuwait National Petroleum Company
Closing date: 3rd December 2002
Official Gazette No.587
ARABI ENERTECH is qualified to bid for this project along with nine other local companies.
5.
Standby Services Contract for Procurement and Construction of Mechanical projects with associated civil, electrical and instrumentation works. Client: Kuwait National Petroleum Company
Closing date: 1st December 2002
Official Gazette No.587
ARABI ENERTECH is qualified to bid for this project along with six other local companies.
6.
Improvements to Water Treatment Plant at Subiya and modifications at the Central Injection Pumping Facilities at Jabriya. Client: Kuwait Oil Company
Closing date: 26th November 2002
Official Gazette No.588
ARABI ENERTECH is qualified to bid for this project along with four other local companies.
