KUWAIT CITY, Jan 27, (KUNA): The Kuwait petroleum sector revenues for the first eight months of the current fiscal year 2012/2013 (April 2012 – November 2012) have amounted to KD 20.46 billion, the Ministry of Finance said in its monthly follow-up report.
The ministry added these revenues exceeded the budget estimates of oil revenues for the same period by 140.4 percent or KD 11.95 billion.
Kuwait budget’s hypothetical price for oil barrel stands at $65, well-below the real price of oil on market which had been reflected positively on budget oil revenues.
It added that oil revenues in the eight months are above the state budget’s projection for the whole fiscal year by KD 7.69 billion.
The data also showed that Kuwait oil revenues in November 2012 alone recorded KD 2.474 billion, up 75.4 percent from the estimated average for the same month.
The oil revenues in eight months of FY 2012/2013 made up 94.7 percent of the state’s total revenues of that period, estimated at KD 21.606 billion as the non-oil revenues accounted for KD 1.143 billion.
The Ministry of Finance’s report unveiled that the state budget has recorded actually surplus of KD 9.285 billion until the end of last November.

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KUWAIT CITY: Al Salam Group Holding won a contract worth KD 2. 05 million ($7.3m) from Kuwait National Petroleum Co. (KNPC) on Sunday for refinery maintenance services and local products marketing.
The four-year contract was confirmed on the Kuwait Stock Exchange website in a statement released by Al Salam (KSE: ALSALAM), which added that the contract has not yet been signed.
According to the statement, the execution of the contract is to commence in June 2013, and this will be reflected in the company’s financial performance in the second quarter of this year, along with the following three and a half years.
Kuwait-based Al Salam Holding was formed in 1997 and was registered under Kuwait’s Stock Exchange in 2005, with a working capital of KD 24 million ($85.3m).

The Ministry of Oil said the First GCC Petroleum Media Forum which is to be hosted by Kuwait on March 25-26 is organized under the auspices of His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah.
In a statement to KUNA, the ministry said the Premier’s sponsorship of the event comes out of realization of the vital importance of the oil sector locally and globally, and in recognition of the role of media in shedding light on challenges facing the industry and the policies adopted by the GCC states.
The call for the forum was received with much enthusiasm by GCC ministers and officials, it added, and the sessions are expected to be attended by a large number of oil decision makers and executives.
National GCC oil companies are to take part in the discussions as well as the exhibition held on the sidelines of the meetings, said the statement, and there is also to be contributions and participation by representatives of regional and international corporations and bodies in the field of oil and related sectors such as OPEC, OAPEC, World Energy Forum (WEF), along with representatives of news agencies and other media outlets.