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Kuwait to privatize part of its oil industry

Staff Writer | July 12, 2016
The Kuwaiti undersecretary of finance, Khalifa Hamada, confirmed that his country will develop a plan to privatize the oil industry.
Khalifa Hamada
Oil industry   The Kuwaiti undersecretary of finance:
He pointed out that the program will be for allowing Arab citizens of the Arab-Persian Gulf buy shares of oil public companies, an initiative similar to the one recently announced by Saudi Arabia.

In an interview with Al Iqtisadiya (The Economy) newspaper, Hamada noted that this initiative is part of a privatization program that countries in the region are doomed, due to falling oil prices.

The Kuwaiti responsible gave no dates, nor determined the percentage of shares to be offered in future public tenders.

The Kuwait Oil Company is a state company managing energy issues of the emirate and has several subsidiaries and providing 92 percent of national income.

Kuwait, with a production of three million barrels of fuel daily, is the seventh largest producer in the world and the sixth in reserves, according to figures from the organization of oil-exporting countries.