KUWAIT CITY, Nov 6: The Kuwait Petroleum Corporation (KPC) has approved the budget forwarded by the Kuwait National Petroleum Company (KNPC) for the fourth refinery and some fuel projects, reports Al-Rai daily quoting reliable sources. The sources said although the KNPC will have to provide some explanations for points related to the environmental fuel project, the Board of Directors at the KPC has agreed to the budget’s items. While KD 4 billion has been allotted to the fourth refinery project, KD 8 billion has been given for another fuel venture. The board is believed to be waiting for the approval of the Higher Council of Petroleum in order to launch the projects. On the other hand, sources expect the restoration of the K-Dow Chemicals project, especially after the government announced that earlier suspended projects will be implemented shortly. The sources said negotiations have been underway, although nothing clear has emerged so far.

They added there are unofficial negotiations currently in place between Dow Chemicals and the Petrochemicals Industries Company (PIC) to restore the project that was earlier canceled by the Cabinet. They opined that any new deal will be in accordance with the new international financial and economic circumstances. Meanwhile, the Ministry of Oil and Kuwait Oil Company (KOC) have refused to allocate land in the northern and southern parts of the country for the State Ministry of Housing due to the presence of oil wells, reports Al-Jarida daily quoting sources. Sources said the State Ministry of Housing has requested the Council of Ministers to communicate with Kuwait Municipality for the allocation of alternative land areas for the implementation of several housing projects. Sources revealed the Ministry of Oil has been instructed to prepare a list of possible areas with oil to build a fence around them and inform the concerned government departments that these areas are for the ministry or KOC.