• Short Summary

    Kuwait's Finance and Oil Minister, Abdul-Rahman Salem Al-Ateeqi held a news conference on Saturday (20 January) to give details of a new participation agreement with western oil companies operating in the country.

  • Description

    Kuwait's Finance and Oil Minister, Abdul-Rahman Salem Al-Ateeqi held a news conference on Saturday (20 January) to give details of a new participation agreement with western oil companies operating in the country.

    Kuwait's participation agreement reached with British Petroleum(BP) and Gulf Oil followed two similar agreements signed between Arabia and Qatar and companies operating there.

    At the news conference Mr. Ateeqi said that negotiations with the western oil companies operating in the Gulf area were aimed at achieving national participation in the major oil concessions. he said that this participation would enable oil producing countries to have actual control of production and investment. The share of the national participation would range from 25 per cent in 1973 to 51 per cent in 1982. The Minister estimated Kuwait's initial share of participation would reach almost 150 million dollars (about 62 million pounds sterling).

    The Finance and Oil Minister went on to say the participation agreement represented a substantial amendment to present oil concessions, and that the agreement did not effect the State's rights and authority as granter of the concessions.

    SYNOPSIS: Details of Kuwait's new national participation agreement with western oil companies were given at a press conference in Kuwait at the weekend. The conference was called by the country's Finance and Oil Minister, Abdul Rahman Salem Al-Ateeqi.

    Kuwait's participation agreement was reached between British Petroleum and Gulf Oil, following similar agreements signed in Saudi Arabia and Qatar. Newsmen were told that negotiations with the companies in Kuwait were aimed at achieving national participation in the major oil concessions.

    The Finance and Oil Minister explained that the scheme enabled oil producing countries to have actual control of production and investment. Mr. Ateeqi told the newsmen that Kuwait's share of the national participation would range from 25 per cent in 1973 to 51 per cent in 1982. He estimated the country's initial share of participation would reach almost 150 million dollars.

    The Minister went on to say the agreement represented a substantial amendment to present oil concessions. Mr. Ateeqi added that the agreement did not effect the State's rights and authority as granter of the concession.

  • Tags

  • Data

    Film ID:
    VLVAEM68H9AS7G5GEJXOMPW49VCR0
    Media URN:
    VLVAEM68H9AS7G5GEJXOMPW49VCR0
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    23/01/1973
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:10:15:00
    Time in/Out:
    /
    Canister:
    N/A

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