07-12-04 Kuwait will invest around $ 10 bn in oil projects within its strategic plan that expires in 2020, said Minister of Energy Sheikh Ahmad Al-Fahad Al-Sabah.
In a speech addressed during the International Oil Seminar, organized by Kuwait National Bank (NBK), the minister said that crude prices reached record levels over the past few months, "exceeding all expectations especially in the second quarter of the year." He said that this "big jump" in oil prices created a state of anxiety in the markets because it exceeded the prices during Kuwait's liberation war in 1991.

The minister linked the price increase to several factors including political disturbances in some oil producing countries such as Iraq and terrorist problems in the Arabian Gulf countries, underlining that these factors were accompanied by fears of shortage in oil supplies in the oil market.
He also said that Kuwait would soon start implementing its strategy that will remain effective till 2020. This strategy, he added, would include developing infrastructure of the oil sector and renovating oil facilities for hiking the exports. He added that seven oil and gas tankers were purchased as part of the strategy, which also envisages building a new refinery and developing petrochemical industries.

Regarding developing north oil fields project, the minister said the venture is awaiting the High Petroleum Council's approval before being tabled in Parliament as a preparation to issue a law. Sheikh Fahad said that the private sector would take part in the future oil sector's projects, indicating that some oil ventures, including gas stations, were privatised.
In a statement on the seminar's sidelines, the minister said OPEC was closely monitoring the markets and would meet soon to discuss conditions of the oil markets. OPEC, he added, is keen on stability of the oil prices and supplies.

In his opening speech, Chairman of General Managers in NBK, Ibrahim Dabdub, said that Kuwait and most of the Arabian Gulf states are currently witnessing a "financial boom" as a result of the increase of oil prices which reached record levels.
In a speech by Deputy Chairman and Managing Director of Kuwait Petroleum Corporation (KPC), Hani Hussain, said, "Most analysts had not forecast more than $ 14 a barrel in 2004, but what actually happened exceeded their expectations," underlining that oil demand rose in the USA, Brazil, Russia, China and India. He said projections indicated that there was a good opportunity for the Kuwaiti oil sector to benefit from the development of the international markets. Hussain said that to benefit from the international markets, there are obstacles that must be overcome, such as developing the petrochemical sector, developing employees, reducing bureaucracy and boosting cooperation with international firms.

King Abdullah II of Jordan returned home after wrapping up a brief visit to Saudi Arabia where he held talks with top officials on regional affairs and bilateral relations.
A statement released by the Royal Court said the talks between the monarch with Saudi Crown Prince, Deputy Prime Minister and Chief of the National Guard Prince Abdullah bin Abdulaziz and other senior officials dealt with means of boosting the ties, regional affairs, developments on the Palestinian and Iraqi arenas. He was accompanied by Prime Minister Faisal Al-Fayez.