The Ministry of Electricity and Water (MEW) has laid down a contingency plan to guarantee ample supply of electricity throughout the year, asserting all the concerned sectors in the ministry are now ready for Ramadan, reports a local daily quoting Minister of Public Works, Electricity and Water Ahmad Al-Jassar.
In his speech on the sidelines of the inauguration ceremony for the 500 megawatts project in Al-Zour South Station, Al-Jassar pointed out it has become necessary for the ministry to increase power production in a bid to fully prepare for an unexpected increase in demand. He said this calls for floating a tender for the installation, operation and maintenance of gas turbine units in Al-Zour Station whose production capacity has increased from 523 megawatts to 535 megawatts. He explained that the station’s production constitute three percent of the capacity of the electrical network to cover the expected increase in power consumption this summer.
Meanwhile, Minister of Oil and State Minister for National Assembly Affairs Dr. Ali Al-Omair has refuted rumors that he resigned from his oil ministry post, reports a local daily. This came after the controversies in the appointment of Kuwait Petroleum Corporation board of directors surfaced.
In the same context, a reliable source from the oil sector disclosed that tension intensified when the Cassation Court rejected the petition to reinstate three managing directors. He argued the most plausible solution is to increase the number of board members from nine to 12 members in order to guarantee harmonious relations between the minister and corporation’s chief executive officer.
In another development, the Ministry of Finance has completed the database of 2,660 general and closed joint the companies which are being considered for inclusion in the taxation system, reports a local daily quoting sources.
Sources revealed the database will be forwarded to the International Monetary Fund to conduct a study as per the request of the Kuwaiti government. Sources explained the local companies will not be treated like their foreign counterparts, as the maximum tax for local companies will be 10 percent compared to 15 percent of the annual profits for foreign companies. Sources stressed the government has no intention to achieve high revenues by imposing taxes because the main aim is to implement an economic reform that will address loopholes in the general budget.