Wednesday , April 25 2018

Bureau sends 165 observations to KIA, institutes under its wing

PIC to produce 16 mln tons of petroleum products per year

KUWAIT CITY, Jan 11: The State Audit Bureau sent a total of 165 observations to Kuwait Investment Authority (KIA) and the organizations under its control. About 30 percent of these observations have been dealt with as of September 2017, which is 52 out of the total 165 observations, reports Al-Nahar daily.

According to an official report, 29 percent of the observations are unsolvable due to a number of reasons such as some of the observations are linked to other bodies which are not under the control of Kuwait Investment Authority, there are differences in the viewpoints of Kuwait Investment Authority and the State Audit Bureau, and some observations were issued long time ago and cannot be solved retroactively. Kuwait Airways Corporation (KAC) is in the list of companies under the control of KIA in terms of State Audit Bureau’s observations in line with the decision of the Cabinet to assign KIA’s supervision on the general assembly of KAC.

Meanwhile, sources revealed about the auditing of the London office of KIA based on a prepared plan. State Audit Bureau previously said the London office needs intensive auditing due to withdrawal of Britain from the European Union (Brexit) so that necessary actions can be taken prior to any negative consequences that might result from the Brexit and could affect the investments.

Meanwhile, Chief Executive Officer of Petrochemical Industries Company (PIC) Mohammad Al-Farhoud said the company’s strategy is to produce 16 million tons of petroleum products per year by 2040 through the establishment of factories in the country and by having partnerships abroad, reports Al-Jarida daily.

Al-Fahoud pointed out the sale of fertilizer factories by the end of March 2018 is aimed at fully benefiting from these factories and to prepare the site for the fourth olefin project. He confirmed the feasibility study on this project is ongoing. He reiterated the decision to lock fertilizer factories will not affect production for fiscal 2017/2018 as they will continue operating until the end of this fiscal year.

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