The Kuwait Petroleum Corporation (KPC), the national oil company of the seventh-largest OPEC oil producer, is signalling renewed determination to get the state's stalled energy programme back in gear.
It is not entirely up to the company, as the Kuwait Supreme Petroleum Council, its cabinet and fractious parliament must all agree if any big projects are to move ahead.
Nevertheless, KPC this month unveiled a US$90 billion (Dh330.57bn), five-year investment programme aimed at relaunching upstream and downstream oil and gas projects that include new field developments, enhanced oil recovery and refinery construction. Most have languished on the drawing board for a decade or more, the victims of long-running parliamentary disputes.
Following a recent changing of the guard, KPC is now led by Farouk al Zanki, a veteran petroleum engineer who formerly headed Kuwait Oil Company, the upstream arm of the state petroleum company. He was named chief executive of KPC in September, succeeding Saad al Shuwaib, who had held the post since 2007, capping a long career in KPC's refining and petrochemicals division.
A decree enacted just a week ago formalised Mr al Zanki's position as KPC's new chief, about six months after the Supreme Petroleum Council, which sets energy policy in Kuwait, informed Mr al Shuwaib that his three-year term would not be renewed.
"We are serious about the implementation of the ambitious strategy to meet the growing demand for energy on the local and global markets," Mr al Zanki said this month on the sidelines of a development conference in Kuwait. "The corporation's targeted production capacity for 2020 is projected at 4 million barrels of oil a day (bpd)."
He estimated Kuwait's current output capacity at 3.3 million bpd, exceeding the UAE's capacity by almost 14 per cent. Both Gulf oil exporters, however, have recently pumped about 2.4 million bpd of oil, including natural gas condensate, with the UAE marginally in the lead.
Mr al Zanki said a large part of KPC's budget next year for energy development had been ear-marked for oil developments, including major projects to boost output capacity from the emirate's neglected northern oilfields and a hoped-for relaunch of a strategic $16bn project to build Kuwait's fourth oil refinery. He said KPC was ready to provide the petroleum council with any information that would allow the council to tender the refinery project's main contracts.
Due to the "constant tug of war" between Kuwait's cabinet, appointed by the country's emir, and its elected parliament, however, KPC has seldom been able to spend all of its budget, says Samuel Ciszuk, the senior Middle East energy analyst at IHS Global Insight.
One of Mr al Zanki's chief unofficial tasks will therefore be to defuse conflicts between KPC and parliamentarians who distrusted his predecessor. One problem is that many members of Kuwait's parliament do not approve of foreign involvement in the country's petroleum sector. The technocrats at KPC, on the other hand, including Mr al Zanki, regard gaining access to the advanced technology of international oil companies as essential.
A more central problem is that under Kuwait's constitution, parliament has no direct say in oil policy. The oil ministry, currently headed by Sheikh Ahmad Al Sabah, a prominent member of the Kuwaiti Royal Family, is primarily a regulatory body that, in its own words, exists to assist the extra-parliamentary supreme petroleum council in supervising and implementing the council's decisions.
"The oil wealth is the backbone of the national economy and the main source of income," the ministry goes on to state in a strategy document posted on its website.
Parliament's distrust of the arrangement has for years held up economic development.
"While most sectors in Kuwait have suffered from the general political deadlock of the last decade, the oil sector has in particular been targeted by parliamentarians trying to extend the powers of their body over the industry," says Mr Ciszuk. "The parliament has used other oversight abilities and powers to put spokes in the wheel of government-launched upstream and downstream development plans."
Those abilities include powers to instigate anti-corruption investigations and enforce transparency in the public tendering process for development projects.
The resulting "climate of fear in the state industry bureaucracy", says Mr Ciszuk, has dissuaded the managers of KPC and it operating units from "taking ownership of initiatives and projects", compounding the standstill.
Can Mr al Zanki help break the deadlock, enabling Kuwait to start catching up with GCC neighbours that are far ahead in their oil development programmes, even as Iraq embarks on a raft of energy projects?
Mr Ciszuk sees a chance for this, as Kuwait's parliamentary squabbling has eased in the past year, but he remains sceptical. "With Kuwait's oil and gas project history for the last 15 years having been dominated by aborted attempts, confidence on all sides is low and no one is likely to celebrate until the first projects actually start to get under way," he says.
"Little real institutional or legal change has actually taken place and the political mood swings are likely to continue."
Some analysts, however, are more optimistic. Edmund O'Sullivan, the chairman of MEED, the Middle East-focused business intelligence group, says KPC's investment plan is part of a wider government push to develop $200bn of vital infrastructure projects in the next five years.
For Kuwait, he says, "there is now no choice".
"Without more power stations, water desalination capacity and sewage treatment plants, basic services will fail. … Daily life will, in due course, become almost impossible."
tcarlisle@thenational.ae
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
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Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
MEDIEVIL%20(1998)
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20SCE%20Studio%20Cambridge%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%2C%20PlayStation%204%20and%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
Company%20Profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY%20PROFILE
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What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
COMPANY%20PROFILE
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Company%20Profile
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BUNDESLIGA FIXTURES
Friday (All UAE kick-off times)
Borussia Dortmund v Eintracht Frankfurt (11.30pm)
Saturday
Union Berlin v Bayer Leverkusen (6.30pm)
FA Augsburg v SC Freiburg (6.30pm)
RB Leipzig v Werder Bremen (6.30pm)
SC Paderborn v Hertha Berlin (6.30pm)
Hoffenheim v Wolfsburg (6.30pm)
Fortuna Dusseldorf v Borussia Monchengladbach (9.30pm)
Sunday
Cologne v Bayern Munich (6.30pm)
Mainz v FC Schalke (9pm)
Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Klipit%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Venkat%20Reddy%2C%20Mohammed%20Al%20Bulooki%2C%20Bilal%20Merchant%2C%20Asif%20Ahmed%2C%20Ovais%20Merchant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Digital%20receipts%2C%20finance%2C%20blockchain%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%244%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Privately%2Fself-funded%3C%2Fp%3E%0A
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Scotland v Ireland:
Scotland (15-1): Stuart Hogg; Tommy Seymour, Huw Jones, Sam Johnson, Sean Maitland; Finn Russell, Greig Laidlaw (capt); Josh Strauss, James Ritchie, Ryan Wilson; Jonny Gray, Grant Gilchrist; Simon Berghan, Stuart McInally, Allan Dell
Replacements: Fraser Brown, Jamie Bhatti, D'arcy Rae, Ben Toolis, Rob Harley, Ali Price, Pete Horne, Blair Kinghorn
Coach: Gregor Townsend (SCO)
Ireland (15-1): Rob Kearney; Keith Earls, Chris Farrell, Bundee Aki, Jacob Stockdale; Jonathan Sexton, Conor Murray; Jack Conan, Sean O'Brien, Peter O'Mahony; James Ryan, Quinn Roux; Tadhg Furlong, Rory Best (capt), Cian Healy
Replacements: Sean Cronin, Dave Kilcoyne, Andrew Porter, Ultan Dillane, Josh van der Flier, John Cooney, Joey Carbery, Jordan Larmour
Coach: Joe Schmidt (NZL)
Match info
Liverpool 4
Salah (19'), Mane (45 2', 53'), Sturridge (87')
West Ham United 0
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The%20specs
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The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
World%20Food%20Day%20
%3Cp%3ECelebrated%20on%20October%2016%2C%20to%20coincide%20with%20the%20founding%20date%20of%20the%20United%20Nations%20Food%20and%20Agriculture%20Organisation%2C%20World%20Food%20Day%20aims%20to%20tackle%20issues%20such%20as%20hunger%2C%20food%20security%2C%20food%20waste%20and%20the%20environmental%20impact%20of%20food%20production.%20%0D%3C%2Fp%3E%0A
Company%20Profile
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Specs
Engine: 2-litre
Transmission: Eight-speed automatic
Power: 255hp
Torque: 273Nm
Price: Dh240,000
The specs
Engine: 5.2-litre twin-turbo V12
Transmission: eight-speed automatic
Power: 715bhp
Torque: 900Nm
Price: Dh1,289,376
On sale: now
ESSENTIALS
The flights
Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.
MATCH SCHEDULE
Uefa Champions League semi-final, first leg
Tuesday, April 24 (10.45pm)
Liverpool v Roma
Wednesday, April 25
Bayern Munich v Real Madrid (10.45pm)
Europa League semi-final, first leg
Thursday, April 26
Arsenal v Atletico Madrid (11.05pm)
Marseille v Salzburg (11.05pm)
RESULT
Everton 2 Huddersfield Town 0
Everton: Sigurdsson (47'), Calvert-Lewin (73')
Man of the Match: Dominic Calvert-Lewin (Everton)
Bio:
Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
Favourite place to visit: London
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
Biography
Favourite book: Zen and the Art of Motorcycle Maintenance
Holiday choice: Anything Disney-related
Proudest achievement: Receiving a presidential award for foreign services.
Family: Wife and three children.
Like motto: You always get what you ask for, the universe listens.
RACE CARD
6.30pm: Handicap (TB) $68,000 (Dirt) 1,600m
7.05pm: Meydan Sprint – Group 2 (TB) $163,000 (Turf) 1,000m
7.40pm: Curlin Stakes – Listed Handicap (TB) $88,000 (D) 2,200m
8.15pm: UAE Oaks – Group 3 (TB) $125,000 (D) 1,900m
8.50pm: Zabeel Mile – Group 2 (TB) $163,000 (T) 1,600m
9.25pm: Balanchine – Group 2 (TB) $163,000 (T) 1,800m
10pm: Al Shindagha Sprint – Group 3 (TB) $130,000 (D) 1,200m
