Kuwait SPECIAL ADVERTISING SUPPLEMENT P.4 I 4 Cmde oil prodccci<strong>on</strong> ;n Kuwait st<str<strong>on</strong>g>and</str<strong>on</strong>g>s at twc n :lllo, b«els a day, wi .h tie Burgsn field <strong>on</strong>e of the T.ost pro'.ific in the woddA companies," he says, "Wlth the experierce gained, we will tackle the sale of utilities, of which telecommunicati<strong>on</strong>s will be .he first, followed by the power <str<strong>on</strong>g>and</str<strong>on</strong>g> water industries, <str<strong>on</strong>g>and</str<strong>on</strong>g> eventually wholly stat.e-owned companies such. as Kuwait Airways ." The World Bar.k identified 74 public or mixed companies as suitab' .e c<str<strong>on</strong>g>and</str<strong>on</strong>g>idates, including 62 In which KIA has shareholdings . It is estimated tnat ^.he total value of the govemment's http://legacy.library.ucsf.edu/tid/agf97d00/pdf shareho'.d .ngs (excluding oil-sector enterprises) amounts to KD 3 .6 billi<strong>on</strong> ($11 .15 bil :i<strong>on</strong>), mctuding KD 2 .2 billi<strong>on</strong> ($7 .42 blili<strong>on</strong>) in electric power <str<strong>on</strong>g>and</str<strong>on</strong>g> water facilities, KD 200 milli<strong>on</strong> (5675 milli<strong>on</strong>) in te,ecorrmunicati<strong>on</strong>s, KD 420 milli<strong>on</strong> ($1 .41 billi<strong>on</strong>) in Kuwait Airways Corporati<strong>on</strong> ard KD 800 milli<strong>on</strong> ($2 .7 billi<strong>on</strong>), representing KIA's shareholdings in !ts 62 companies . These have beer. grouped in three categories : 23 that could be privatized o,u :clGy with few complicatf<strong>on</strong>s ; six that could be liqu[dated ; <str<strong>on</strong>g>and</str<strong>on</strong>g> 33 'hat need further analysls . Tce largest proporti<strong>on</strong> of these c<strong>on</strong>ssts of 24 companies in the banking, real estate <str<strong>on</strong>g>and</str<strong>on</strong>g> financia : sectors . Privatzati<strong>on</strong> of KIA companies began last Seotember with the sale o`f shares in the Commercial Facilities Company ICFCI, wNch was five times oversuoscribed <str<strong>on</strong>g>and</str<strong>on</strong>g> now trades at a heaithy premium . In December KIA aucti<strong>on</strong>ed 60 miai<strong>on</strong> of the 71 milli<strong>on</strong> shares it owned in A-Ahli Bank, -ealizing KD ;0 milli<strong>on</strong> ($33 .75 milli<strong>on</strong>) for me govemment . A Gulf Bank, we emphasize ttuee prLn dpal activities: providing banking services to internati<strong>on</strong>al comoanies <str<strong>on</strong>g>and</str<strong>on</strong>g> instituti<strong>on</strong>5 c<strong>on</strong>tributing to the development of Kuwait ; supporting the internati<strong>on</strong>al requirements of the Bank's domestic customers ; <str<strong>on</strong>g>and</str<strong>on</strong>g> internati<strong>on</strong>al lending to oil related <str<strong>on</strong>g>business</str<strong>on</strong>g> <str<strong>on</strong>g>and</str<strong>on</strong>g> the financin.g of internati<strong>on</strong>al trade to Kuwait <str<strong>on</strong>g>and</str<strong>on</strong>g> the Gulf regi<strong>on</strong> . At KD 1 .39 billi<strong>on</strong> (approximately US$ 4 .5 billi<strong>on</strong>), we are just the right size to meet all <strong>your</strong> fin<str<strong>on</strong>g>and</str<strong>on</strong>g>al needs while giving you the pers<strong>on</strong>al attenti<strong>on</strong> <str<strong>on</strong>g>and</str<strong>on</strong>g> service you require to do <str<strong>on</strong>g>business</str<strong>on</strong>g> in Kuwait . So, when you are ready to do <str<strong>on</strong>g>business</str<strong>on</strong>g> with Kuwait, we cvlll be ready to do <str<strong>on</strong>g>business</str<strong>on</strong>g> with you . For more inforrnati<strong>on</strong> <str<strong>on</strong>g>and</str<strong>on</strong>g> to obtain a copy e,f our annual report, fax <strong>your</strong> busness card to our Internati<strong>on</strong>al Divisi<strong>on</strong> in Kuwait <strong>on</strong> (965) 242 2849, P.O.BOX 3200, SAFAT 13032, KUWAfT. TEL: (965) 2449501, FAX, (965) 2412849 2046673407, With the domest:c Kiwait dinar market remaining str<strong>on</strong>gly liquid, Al-Bader is hoping to fioat stock issues at m<strong>on</strong>thly ri With seven companies already priva6zed, yielding KD 210 milli<strong>on</strong> ($709 milli<strong>on</strong>), he expects that this part of the program can be completed by 1998, <str<strong>on</strong>g>and</str<strong>on</strong>g> he can then turn his attenti<strong>on</strong> to the major utilltles . The Kuwait stock exchange is playing an inportant role . At present it trades shares in 51 companies <str<strong>on</strong>g>and</str<strong>on</strong>g> two mutual funds . Its current director gerera, Hisram S . AI-Otaibi, has been in the job for eight years <str<strong>on</strong>g>and</str<strong>on</strong>g> is aiso Chairman of `he Arab Uni<strong>on</strong> of Stock Exchanges <str<strong>on</strong>g>and</str<strong>on</strong>g> Sacur3ies Commissi<strong>on</strong> . He sees a good future . "We have a new trading floor," he says, "<str<strong>on</strong>g>and</str<strong>on</strong>g> increasing stock volume in recent weeks, which should c<strong>on</strong>tinue . Ec<strong>on</strong>omica :ly we are in very good shape compared to what we were ." THE OIL INDUSTRY No <strong>on</strong>e had really expected that Kuwait's return to cil produc'.i<strong>on</strong> after the Icdulf War would have been so quick . i t:at the 700-odd oil fires snould have been ext!nguished in seven m<strong>on</strong>ths was little sho': o` a miracle . Damage d<strong>on</strong>e to pipelines <str<strong>on</strong>g>and</str<strong>on</strong>g> oil instal!a'i<strong>on</strong>s, al<strong>on</strong>g with want<strong>on</strong> polluti<strong>on</strong>, cost the country up to $75 billi<strong>on</strong> . Yet'he countv, wi :h some 10% of world oil reserves, has the advantage of development costs that are am<strong>on</strong>g the lowest of the major producers . It also nas the highly prolific Burgan field . The Kuwait Petroieum Corporati<strong>on</strong> IKPCI, which was established In 1980 <str<strong>on</strong>g>and</str<strong>on</strong>g> is the umbrel!a organizati<strong>on</strong> for the industry, ri the Kuwait Oil Co . (KOC), resp<strong>on</strong>sible for the explorati<strong>on</strong> <str<strong>on</strong>g>and</str<strong>on</strong>g> producti<strong>on</strong> of oil <str<strong>on</strong>g>and</str<strong>on</strong>g> gas within Kuwait ; Kuwait Nati<strong>on</strong>al Petroleum Co . (KNPCi, the refinery <str<strong>on</strong>g>and</str<strong>on</strong>g> marketing arm ; Petrochemical Industries Co . (P!C), resp<strong>on</strong>sib!e for fert!!izers <str<strong>on</strong>g>and</str<strong>on</strong>g> petrochemicals ; <str<strong>on</strong>g>and</str<strong>on</strong>g> Kuwait Oil Tanker Co ., the transportati<strong>on</strong> arm . Minister of Oil <str<strong>on</strong>g>and</str<strong>on</strong>g> Chairman of the Board of KPC H . E . Dr. Abdul Mohsen Medej ArMedej points out that within two years KPC was in a positi<strong>on</strong> to produce oil at the same rate as before the war - 2 milli<strong>on</strong> barrels a day . Of these, 1 .2 mil!i<strong>on</strong> are exported as crude, <str<strong>on</strong>g>and</str<strong>on</strong>g> 800,000 as refined - up from 700,000 prewar . __~
Oil is an essential comp<strong>on</strong>ent in ec<strong>on</strong>omies around the world : driving industry <str<strong>on</strong>g>and</str<strong>on</strong>g> <str<strong>on</strong>g>business</str<strong>on</strong>g> ; sustaining communities ; touching all of our lives . Our experience in oil sourcing, processing <str<strong>on</strong>g>and</str<strong>on</strong>g> distributi<strong>on</strong> is unrivalled . Our presence in the world unquesti<strong>on</strong>ed . Our heritage unmatched. ZI: Y e.iug._~!! Jg}i.s]f a swn`a Kuwait Petroleum Corporati<strong>on</strong> op http://legacy.library.ucsf.edu/tid/agf97d00/pdf
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ForbesS GUBUST 14. 1995 • VOLUME
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Sarah knows a lot about diabetes .
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"With ail thy getting get underst<s
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Other Comments Waffling Away the Ti
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Commentary on events at home <stron
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Using phony invoices, importers are
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ADVERTISEMENT 2 THE SKYTEL U .S . C
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ADVERTISEMENT 18 and</stron
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