MOSCOW, Aug 3, (Agencies): State-run Kuwait Petroleum Inter-national may be interested in buying some of BP’s assets, the country’s oil minister told journalists in Moscow on Tuesday, after meeting with Russia’s Energy Minister.
Sheikh Ahmad Al-Abdullah Al-Sabah said Kuwait was satisfied with its current BP investments, although Kuwait Petroleum would consider investing further if assets put up for sale were attractive and fit in with the company’s strategy.
Meanwhile, Sheikh Ahmad Al-Abdallah Al-Ahmad Al-Sabah on Monday expressed content over the current global prices of oil between $75-85, expecting their rise from now until the end of the year.
Sheikh Ahmad was speaking to KUNA on the fringes of his chairing of the Third Kuwaiti-Russian Joint Committee Session of Trade, Ecomic, Scientific and Technical Cooperation held in Moscow.
“If we take into consideration, the global economic situation, particularly the sluggish growth in Europe and America and its significant revival in Asia, then we are satisfied now until the end of this year. We want these prices to continue, and if there was to be a rise it would be in our benefit, without harming the global economy and our interests,” he said.
He expected prices to rise with the approach of winter and thus the rise of demand.
On Kuwaiti-Russian cooperation, he said that “up until now there are no specific projects determined with Russia.
“But Kuwait has a four-year development plan, which costs an overall $120 billion, $80 billion of which will be directed to the oil sector. This is a large sum and could attract Russian firms to present lucrative offers accompanied by advanced technology to acquire a portion of these projects, and the door is open for them to take part.” Sheikh Ahmad noted that “there are Kuwaiti firms that operate in Russia like Kuwait Energy, which had overall purchases of up to $500 million last year. This is a form of direct and indirect cooperation.”