Kuwait’s oil minister Ali al-Omair said that cutting output would not necessarily prop up prices.
The deal with Kuwait Foreign Petroleum Exploration Co helps Chevron reduce production risk and gives it more capital to increase drilling in Alberta’s Duvernay shale formation.
The refinery could be converted into a storage terminal or might be shut down permanently following the cancellation of the investment, an official said.
Kuwait has invited BP, Total, Royal Dutch Shell, ExxonMobil and Chevron, to bid for an agreement for the northern Ratqa heavy oilfield.
The unit, which will include several aircraft, has been deployed to deal with sudden contingencies, said Pentagon spokesman Rear Admiral John Kirby.
The bank will book a profit of KD25 million from the sale in its 2014 accounts, it said in a bourse filing.
Global’s management team comprising Group CEO Ghunaim, CEO Bader al-Sumait, and executive vice presidents had resigned prior to its general meeting in September.
The International Monetary Fund did not give details of the reforms and government officials were not available for comment.
Kuwait-born Saad Al-Ajmi, spokesman of the nationalist opposition Popular Action Movement, was one of 18 people to have their citizenship removed.
The U.N. Security Council last month named six people who would be subject to asset freezes because of their links to the Islamists and threatened sanctions against those who financed the insurgents.
The budget surplus, equivalent to around 26 per cent of gross domestic product, was up marginally from KD12.7 billion, or nearly 25 per cent of GDP, in the previous fiscal year.
The deal for two million barrels a month of Kuwaiti crude was signed with the Arab Petroleum Pipeline Co.
Investor orders for the issue grew to over $850 million, the document showed.
The bond with a perpetual tenor can be bought back by the lender after the fifth year.
The restructured loan is repayable over a period of seven years, the company said.
Kuwait has invested almost $18 billion in Germany.
The deal might be valued at about $3.2 billion, according to the list prices of the aircraft.
The Kharafi family is the billionaire majority shareholder with 66.8 per cent of the firm.
The job losses account for about 15 per cent of its workforce.
The Clean Fuels Project will upgrade and expand two of the Gulf Arab state’s largest existing refineries with a focus on producing diesel and kerosene for export.
The governor attributed the dip in oil prices to a rise in supply and slower demand over summer.
Tenders to build Kuwait’s fourth refinery, al-Zour, have been extended after delays and political opposition in the past.
Global Investment House’s chief executive Maha Al Ghoneim said the company was now “debt-free” following its debt restructuring last year.
The programme required foreign winners of big government contracts to invest in the local economy.
India, the world’s fourth largest oil consumer, imports about 80 per cent of its oil needs.
A bourse filing by KIPCO added that its direct and indirect stake in Kuwait’s Burgan Bank currently stands at 57.94 per cent.
The company, which completed an initial public offer of shares in 2008, did not explain the delay in listing.
The mobile operator did not say when it would join the bourse.
The lender will hold roadshows in Asia, the UAE and Europe from September 4, with a Tier 1-boosting bond issue to follow, subject to market conditions.
Sara Akbar said the violence in Iraq was temporary and could not overshadow the country’s vast potential for relatively easy oil.