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KPC Denies Reports of Cuts in Fuel Subsidies SUBSCRIPTION WEDNESDAY, JANUARY 20, 2016 RABI ALTHANI 10, 1437 AH www.kuwaittimes.net Duo deported Xi visits First flower Nadal, Halep for cutting Saudi Arabia blooms on stunned as grass to sell to bolster international shocks rock as animal4 feed relations9 space15 station Aussie20 Open KPC denies reports of Min 10º Max 21º cuts in fuel subsidies High Tide 09:35 & 20:07 Low Tide MP warns oil below $20 a barrel will be a catastrophe 02:48 & 14:16 40 PAGES NO: 16761 150 FILS By B Izzak and agencies Gulf banks eye Amir meets Yazidi IS survivor KUWAIT: The spokesman of the oil sector Sheikh Talal Al-Khaled Al-Sabah denied yesterday the veracity of Iran prospects reports alleging “cuts in gasoline and kerosene subsidies” in the first quarter of this year. In a press statement, DUBAI/LONDON: Gulf banks including Dubai’s Sheikh Talal quoted CEO of Kuwait Petroleum largest lender Emirates NBD are already meeting Corporation (KPC) Nizar Al-Adsani as saying the reports prospective clients and taking legal advice about are “untrue”. The government is weighing various entering Iran’s financial system now that many inter- options to cope with plummeting oil prices, amongst national sanctions have been lifted. European banks them a review of energy subsidies in the local market, are more cautious with some, including Deutsche Sheikh Talal said. Bearing optimal living conditions in Bank, remembering past fines from regulators for mind, the government, in conjunction with the National breaking sanctions, though Commerzbank said it was Assembly, will find the best possible solution, he noted. reviewing its policy of not doing business in Iran. “The Kuwait government gives huge subsidies. For many banks there are concerns about being Subsidies will be taken out gradually... In the first quarter caught up in ongoing US sanctions. Many interna- of 2016, probably there will be something on subsidies tional sanctions relating to Iran’s nuclear program on gasoline and kerosene,” Adsani reportedly said earlier were lifted but most involving US players remain in during a panel discussion at an energy industry confer- place. Non-US banks may trade with Iran without fear ence in Abu Dhabi. But KPC said Adsani was misquoted of punishment in the United States but US banks may as he only referred to government plans to study cutting not do so, directly or indirectly. Other sanctions pre- subsidies without providing specific dates. vent US persons from trading with Iran and also pro- Adsani also said any possible rise in domestic prices hibit Iran trades in US dollars from being processed would not impact citizens’ livelihood. “The Kuwaiti gov- through the US financial system via the New York ernment is currently studying several options for Federal Reserve. This is a significant complication giv- addressing the budget deficit amid weak crude oil en the dollar’s role as the world’s main business cur- prices. Among those options was a review of petroleum rency. products in the domestic market,” he said, according to Regional banks are likely to lead the way on busi- an official statement. This will be done in coordination ness deals. Banks from the UAE, Oman, Qatar and with the parliament to agree on a mechanism “taking KUWAIT: HH the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah receives yesterday at Bayan Palace Kuwait have spent months drawing up plans for into account the standard of living of citizens”, he added. Nadia Murad, a Yazidi survivor from the so-called Islamic State. — KUNA Continued on Page 15 Continued on Page 15 LOCAL WEDNESDAY, JANUARY 20, 2016 KUWAIT: (From left) His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Sabah, His Highness the Amir Supreme Council for Planning and Development members attend the meeting with His Highness the Amir. Sheikh Sabah Al-Ahmad Al-Sabah and His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Sabah attend — Amiri Diwan and KUNA photos a meeting with members of the Supreme Council for Planning and Development. Amir informed of islands’ development projects Part of vision to turn Kuwait into economic center KUWAIT: His Highness the Amir Sheikh thus raising Kuwait’s regional and interna- cance of such major projects as cooperation Sabah Al-Ahmad Al-Jaber Al-Sabah received tional competitiveness. Meanwhile, the proj- is needed to enact required legislations and yesterday at Bayan Palace His Highness the ect will also attract top foreign investments, laws to face any barrier when carrying out Prime Minister Sheikh Jaber Al-Mubarak Al- which will have a positive impact on the project. Hamad Al-Sabah accompanied by members Kuwait’s security, as countries owning these In the meantime, some senior officials of of the Supreme Council for Planning and projects will exert efforts to protect their the Supreme Council for Planning and Development. His Highness the Crown properties. Development presented before His Highness Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al- the Amir the first phase of the comprehen- Sabah and Deputy Minister of Amiri Diwan Exceptional resolutions sive vision of building Kuwait’s future, Affairs Sheikh Ali Jarrah Al-Sabah were also Meanwhile, His Highness the Prime including new projects. present at the meeting held in Bayan Palace. Minister said making use of Kuwaiti islands Jasser Al-Jasser said “we present the first The officials presented to His Highness would be the country’s future project. phase of the five islands’ project so as to the Amir thorough information on the proj- His Highness Sheikh Jaber made the make use of their areas.” The aim of this ect to develop the islands of Boubyan, statement yesterday in a speech before His move is to achieve development through Failaka, Warba, Miskan and Awha. The proj- Highness the Amir Sheikh Sabah Al-Ahmad some projects inside these islands and turn ect is part of His Highness the Amir’s vision Al-Jaber Al-Sabah while presenting a brief- them into free trade zones between the East to turn Kuwait into a cultural and economic ing on the project. The project needs cer- and the West, he added. center, while also boosting development in tain legislations and exceptional resolutions, Also yesterday, His Highness the Amir, His the country. in addition to measures taken by the gov- Highness the Crown Prince and His Highness The council is studying the benefits of the ernment to carry out with it, His Highness the Prime Minister separately met the visit- islands’ development in light of similar inter- said. His Highness Sheikh Jaber expressed ing General Director of the French national models, aiming to create a compre- his confidence that the government would Gendarmerie General Denis Favier and his His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Sabah greets French hensive and multi-purpose free trade zone, persuade National Assembly over the signifi- accompanying delegation. — KUNA Gendarmerie General Denis Favier. Sheikh Sabah Al-Khaled meets Azhar Grand Imam KUWAIT: First Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah received yesterday the Grand Imam of Al-Azhar Ahmad El- Tayeb, who is on a visit to the country. Deputy Foreign Minister Ambassador Khaled Al-Jarallah, Assistant Foreign Minister for the First Deputy Premier and Foreign Minister’s Office Sheikh Dr Zain honors Kuwaiti Ahmad Nasser Al-Mohammad Al-Sabah, Assistant Foreign Minister for Protocol Affairs Dhari Al-Ajran and a number of Jet Ski champion Foreign Ministry officials also attended the meeting. Sheikh Sabah Al-Khaled KUWAIT: Zain, the leading telecommunica- ue to put Kuwaiti National teams and indi- then held a luncheon banquet in honor tions company in Kuwait, honored Kuwaiti vidual athletes at the forefront of its priori- of the Grand Imam of Al-Azha, in pres- Jet Ski champion Yousef Al Abdulrazzaq at ties and pledges to continue motivating ence of several ministers and officials. its main headquarters in Shuwaikh. The them to achieve the recognition they honoring came in recognition of Al deserve. Positive role Abdulrazzaq’s achievements and accom- Al Abdulrazzaq achieved a number of Meanwhile, Minister of Information plishments during 2015. prominent titles during 2015, most notably and Minister of State for Youth Affairs Zain expressed its pride in Al the Runabout GP1 world title during the Sheikh Salman Sabah Al-Salem Al- Abdulrazzaq’s latest achievement, which UIM AQUABIKE World Championship and Humoud Al-Sabah asserted the positive recently saw the Kuwaiti champion achiev- the first place title of the Pro-Am Runabout role Al-Azhar institution has played for ing the Runabout GP1 world title during LTD category during his participation in the over a thousand years. the UIM AQUABIKE World Championship International Jet Sports Boating This transpired in a cultural meeting that was recently concluded in Sharjah, Association (IJSBA) World Championship KUWAIT: Grand Imam of Al-Azhar Ahmad El-Tayeb (center) speaks during a meeting at the UAE. 2015 marked the seventh year in 2015 held in Lake Havasu in Arizona, USA. held yesterday at the Kuwait National Kuwait National Library. — Photo by Fouad Al-Shaikh which the company sponsors Yousef Al Zain affirmed that its role not only con- Library to which Dr Tayeb was invited Abdulrazzaq, who continued to show centrates on economic and business activi- along with a bevy of Kuwaiti intellectuals speech, Dr Tayeb said that thousands of ization in a way that it would appeal to unmatchable determination in raising the ties but also contributes significantly in var- and media pundits. Sheikh Salman, in a students from all over the world attend the youth. Further, he expressed dismay Kuwaiti flag high by achieving internation- ious areas within the Kuwaiti society, espe- speech at the meeting, praised Al-Azhar Al-Azhar where they are taught the mer- at the ubiquity of extremism and vio- ally renowned titles.
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