Fall of the Kuwait's parliament causes delays in opening-up

May 10, 1999 02:00 AM

Kuwait's plans to allow foreign oil companies to tap its energy resources for the first time in two decades will be delayed following the fall of the country's parliament, Kuwait's oil minister said.
Sheikh Saud Nasser al-Sabah, announced late last month that foreign oil companies would be invited "within 30 to 60 days" to submit their proposals to develop Kuwait's oil industry. According to reports the Sheikh says the process will be put on hold until a new parliament is elected in July.
"The next Assembly has to play a role in taking a decision on foreign oil companies," said al-Sabah. He said he hoped the new parliament would be a "partner" in the process. The oil minister has been unwilling to seek bids without receiving parliamentary support, even though it is not a legal requirement.

Source: Iinoil
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