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Kuwait’s oil sector is dealing with a money scarcity and this might impression the Gulf emirate’s hydrocarbon tasks, an area newspaper stated on Tuesday, citing official information.
The Kuwait Petroleum Company (KPC), which manages the OPEC producer’s hydrocarbon trade, suffered from a deficit of almost 2.925 billion Kuwaiti dinars ($9.65 billion) on the finish of fiscal 12 months 2021-2022, which ended on March 31, the Arabic language day by day Alrai stated.
It quoted a KPC report as saying the deficit was attributable to an “enhance within the Company’s monetary commitments to varied authorities departments.”
“The report stated the deficit was exacerbated by a decline in income throughout 2021 as results of the unfold of Coronavirus pandemic.”
“Oil tasks in Kuwait are dealing with critical challenges because of this monetary hole, which reached in some months almost 97.7 % of KPC’s commitments to tasks…this compelled KPC to promote components of its investments for almost $770 million.”
The paper quoted the report as saying “KPC is now taking measures to enhance its monetary place” in coordination with some authorities departments within the subsequent few years, including that they embrace slashing a cumulative debt to the federal government of greater than two billion dinars ($6.6 billion).
(Writing by Nadim Kawach; Enhancing by Anoop Menon)
(anoop.menon@lseg.com)
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