Kuwait: Subsidy Row Presages Return To Disruption As Usual

An atypical period of political stability in recent years enabled Kuwait to secure approval for a number of major oil and gas projects that had been delayed for years. But the relatively pro-government parliament elected in July 2013 was dissolved in October 2016 prompting a renewed period of political upheaval.

2015 saw a record $32bn worth of infrastructure contracts awarded, but this looks set to remain the high watermark for some time.

Nizar al-Adsani, CEO of state firm Kuwait Petroleum Corporation (KPC) this month announced that Kuwait plans to spend KD35bn ($115bn) on oil and gas projects over the next five years. This is in line with statements made last year and implies an optimistic average of $23bn a year. (CONTINUED - 998 WORDS)

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chart Petrofac’s Kuwait Earnings Quadruple In 2016 ($Mn)