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Thursday , November 15 2018

KNPC okays PAHW’s request to hike share of subsidized diesel

KUWAIT CITY, Feb 26: An official from Public Authority for Housing Welfare (PAHW) affirmed that Kuwait National Petroleum Company (KNPC) has approved the request of PAHW to increase the monthly share of subsidized diesel for the contractor of the second contract of Al-Mutla City project from 767,199 liters to 2,910,900 liters, reports Al-Anba daily.

This decision was taken in consideration of the mammoth works in the project, the increase in the number of shifts to three every day and to meet the need for diesel for the equipment to be used in the project.

In a letter sent to KNPC to explain the reasons behind the request, PAHW stressed its keenness to facilitate the project works in order to complete the project based on the specified time schedule and to avoid any delays in delivery of the building permits to citizens.

The projected budget for Kuwait Fund for Arab Economic Development (KFAED) for the next fiscal year 2018/2019 is set with expectations of KFAED receiving estimated profits of KD 158 million, reports Al-Nahar daily.

KFAED is expected to earn revenues worth KD 186 million and incur expenses of KD 28 million. In the projected budget, the revenues will be distributed as follows — KD 150 million returns on investments and KD 36 million interests of loans. The estimated expenses will be KD 16 million for salaries and KD 12 million for general expenses.

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