KUWAIT CITY, June 18: Kuwait Investment Authority (KIA) withdrew about $1.1 billion from its investments in US treasury bonds last April, reports Al-Seyassah daily quoting sources. Sources revealed the value of Kuwait’s investments in US treasury bonds in March was $32.4 billion which was reduced to $31.3 billion after the withdrawal made in April. Meanwhile, the total expenditures of the oil sector on projects exceeded 24 billion in the last three years.
According to sources from the oil sector, the sector including the subsidiaries of Kuwait Petroleum Corporation (KPC) spent more than KD14 billion in the last three years for projects related to excavation, production and refinery-operations, while the capital expenditures reached KD 15 billion in the last two years. They explained that the expenditures of KPC and its subsidiaries for projects related to production, petroleum activities and refinery operations increased by KD 9 billion in one year. These projects included heavy oil production, distribution centers, and oil and gas excavation and exploration projects. The sources said Kuwait Oil Company (KOC) had a huge share in these projects in the last three years, the most outstanding of which was the bio-fuel project worth KD 4.8 billion, the fifth gas-line project worth $1 billion and the Al-Zour Refinery project, which became affiliated to the Kuwait Integrated Petroleum Industries Company (KIPIC), and other such strategic projects.