Unlike Qatar, which has cancelled key projects (see p13), and Oman, which is looking to sell off stakes in state energy firms (see p14), Kuwait is looking to convey a ‘business as usual’ image despite the almost 60% fall in oil prices over the past six months.

As oil prices hit their lowest level in five-and-a-half years state-owned Kuwait Oil Company (KOC) on 8 January awarded a $4.2bn contract to develop its heavy oil fields in the north, a project that has languished for years due to political wrangling in the emirate and opposition by some politicians to the participation of foreign oil companies. (CONTINUED - 219 WORDS)