Kuwait has said it would ship around two million barrels of crude oil a month to Egypt, giving it priority as a buyer ahead of sales from storage into the Mediterranean market.
KIPCO made a net profit of KD10.1 million ($34.8 million) in the three months to Sept. 30, up from KD8 million in the same period of 2013, it said in a statement.
The bank said that despite attracting sufficient attention for the transaction from investors, the bond issue was cancelled due to “legislative and technical issues”
Other bidders for the contract included China State Construction Engineering Corporation and Arabtec.
The company made a net profit of KD46 million ($158.4 million) in the third quarter of 2014, down from KD53 million in the year-earlier period.
The extra funds had come from the injection of voluntary reserves and retained earnings, as agreed by Gulf Cryo’s owners, it said in a statement.
The bank said net profit was KD15.35 million ($52.96 million) for the third quarter of 2014, compared to a KD10.31 million loss in the same period a year ago.
The financial institution and its ME unit were found to have mis-sold $200 million of investment products, a Dubai court ruled.
The lender said it plans to issue 216 million new shares and that the rights issue will raise its paid-up capital by KD21.6 million.
Sheikh Sabah al-Ahmed al-Sabah also urged the parliament and the government to issue legislation to protect the country’s national wealth and safeguard it for future generations.
Kuwait’s oil minister Ali al-Omair said that he hoped oil prices would soon stabilise at a “level that benefits producers and importers”.
Big provisions for bad loans taken by Kuwaiti banks in the past few years have also limited profits distributed to shareholders.
The company will finance a third of the $600 million from its own resources and the remainder via local and international banks.
The airline registered a 10.8 per cent growth in passengers in the third quarter compared to Q3 last year.
The Kuwait Investment Authority said it would offer its stake in the firm to the public in the first half of 2015.
The Kuwait Investment Authority (KIA) is planning to offer its stake in Kuwait Investment Co in the first half of 2015.
Ooredoo Kuwait has slipped to third in terms of mobile subscribers in its domestic market.
The investment firm aims to write-off of $327.9 million of its losses through a capital reduction.
Crude output from their jointly-run offshore Khafji oilfield has been halted temporarily to comply with environmental rules.
The company’s logistics and freight forwarding businesses, which account for most of its revenue, have been hit by instability in the global economy over the last few years.
CBK has now reduced its non-performing loans to 1.3 per cent of its total loan book from a 2009 level of 25 per cent.
The field, whose production is around 280,000 bpd-300,000 bpd, will be brought offline “immediately”.
The bank made a net profit for the three months to the end of September of KD10.9 million ($37.8 million), compared to KD9.8 million in the year-earlier period.
Burgan said it plans to issue 216 million new shares and that the rights issue will raise its paid-up capital to KD197.18 million.
Kuwait Foreign Petroleum Exploration Company (Kufpec) was last in the market in June 2013 when it sealed a five-year $750 million deal.
Kuwait Oil Co intends to spend some $42 billion on oil and gas projects over five years.
The cabinet “accepted” a report by a committee at the Ministry of Electricity and Water on hiking prices of diesel and kerosene more than threefold, state news agency KUNA reported.
The decline in third-quarter net profit came despite the bank posting a 7.8 per cent increase in its operating revenue.
Kuwaiti crude for November was priced at a discount of 50 cents per barrel to Saudi Arab Medium, unchanged from a month ago and the widest in 10 years.
The contract, secured by Agility Defense and Government Services, will run from October 2014 to April 2016, the company said in a statement.