In 2022, Kuwait witnessed many major developments and events in the fields of energy, electricity, water and economy.
The following is a list of such major events and activities:
- Jan 3: Organization of the Petroleum Exporting Countries (OPEC) decided to appoint Haitham Al-Ghais, of Kuwait, as the Secretary General of the Organization for three years.
- Jan 10: Kuwait Gulf Oil Company (KGOC) and Saudi Arabian Chevron signed a memorandum of understanding to export spare gas from joint Wafra operations.
- Jan 14: Kuwait National Petroleum Corporation (KNPC) announced that a fire broke out at Al- Ahmadi oil refinery has left two workers dead and 10 others wounded.
- Jan 23: Kuwait Foreign Petroleum Exploration Co. (KUFPEC) unveiled a significant gas condensate discovery in offshore Indonesia, hailing the discovery as a step towards the fulfillment of the company’s 2040 strategy.
- Feb 21: Kuwait Integrated Petroleum Industries Company (KIPIC) announced the “complete” operation of the permanent facilities project to import liquefied natural gas in the Al-Zour oil complex.
- Feb 21: Kuwait Oil Ministry signed a Memorandum of Understanding (MoU) with Arabic Institute for Planning to reinforce scientific cooperation and research.
- March 10: KNPC announced launching fifth liquefied gas line at Mina Al-Ahmadi Refinery, the company’s second largest project after the clean fuel project.
- March 10: Kuwait Petroleum Corporation (KPC) said that Kuwaiti oil price surged by USD 4.82 to USD 130.31 per barrel (pb) compared with USD 125.49 pb the day earlier.
- March 31: KPC signed an MoU with the Japanese Nippon Export Investment Insurance (NEXI) to fund projects for the corporation and subsidiary companies with a value estimated at USD one billion.
- April 4: Kuwait Petroleum International (KPI) won the 2022 Royal Society for the Prevention of Accidents (RoSPA) award for the Chemical Sector and the gold award for occupational health and safety.
- May 12: Kuwait Aviation Fueling Company (KAFCO) won the 2022 Royal Society for the Prevention of Accidents (RoSPA) award for occupational protection from injury and aliment.
- May 30: Kuwait Oil Tankers Company (KOTC) finalized the transportation of the Wafra tanker and handing it to a client in the Emirate of Fujaira, UAE.
- July 6: KPC exported the first shipment of Ultra-low Sulfur Diesel (ULSD) to Naples, Italy.
- July 31: Haitham Al-Ghais became the first Kuwaiti to be elected as Secretary General of OPEC.
- Aug 3: KNPC announced the first shipment of Ultra-low Sulfur Diesel to the Asian markets.
- Sept 2: Al-Sour tanker delivered the first shipment of Ultra-low Sulfur Diesel (ULSD) to Naples, Italy.
- Sept 28: KPI, Q8Aviation, the jet fuel subsidiary of the company, signed an agreement with the leading European carrier, EasyJet, to support all its sustainable aviation fuel (SAF) requirements for five years.
- Sept 28: The Minister of Electricity, Water, and Renewable Energy kicked started the first main 400-kilovolt power station in the Mutlaa area.
- Nov 6: Kuwait Integrated Petroleum Industries Company (KIPIC) began the initial commercial operational phase of Al-Zour Refinery.
- Nov 16: The Kuwait Oil Tanker Company (KOTC) won the Maritime Standard award 2022 regarding education and training in the maritime industry in the Middle East and the Indian subcontinent, granted by the International Maritime Organization (IMO).
- Nov 18: KPC and KIPIC announced the reception of the tanker (Ashley Lady), the first to reach the man-made island of Al-Zour Refinery to load the first shipment of naphtha product for export to KPC customers.
- Nov 27: KPC announced the first sale of aircraft fuel produced by Al-Zour Refinery, shipping the load on the (Pacific Sarah) in cooperation with KIPIC.
- Nov 29: KIPIC shipped the first cargo of high-quality low-sulfur biofuel oil from Al-Zour Refinery to Singapore.
- Dec 11: Kuwait Gulf Oil Company (KGOC) and Saudi ARAMCO sign a MoU to develop Al- Durrah oil field based on a previous similar agreement between the Saudi and Kuwait governments back in December 24, 2019.
Economy and agreements:
- Jan 3: The Central Bank of Kuwait (CBK) announced the issuance of Tawarruq and bonds worth KD 240 million (about USD 792 million). The issue’s maturity period is six months, with a return rate of 1.250 percent.
- Jan 10: CBK announced the issuance of Tawarruq and bonds worth KD 240 million (about USD 792 million). The issue’s maturity period is three months, with a return rate of 1.125 percent.
- Jan 24: CBK announced the issuance of Tawarruq and bonds worth KD 200 million (about USD 660 million). The issue’s maturity period is three months, with a return rate of 1.125 percent.
- Jan 26: Capital Markets Authority (CMA) announced that it has attained Iso Certificate in information security management systems (ISO/IEC 27001:2013).
- Jan 30: The Kuwaiti Minister of Commerce and Industry Fahad Al-Shuraian announced giving his instructions to the Ministry to offer free food supplies to frontline workers staff worthy of rewards in the Ministries of Health and Interior.
- Jan 30: CBK announced allocating bonds and “tawarruq” at the value of KD 240 million (around USD 792 million). The maturity period is three months, with a yield rate of 1.125 percent.
- Jan 31: CBK has issued guidelines specifying requirements for establishing digital banks.
- Feb 23: The Central Statistical Bureau of Kuwait said that the annual Consumer Price Index (CPI) increased in January 2022 by 4.30 percent.
- March 14: CBK announced allocating bonds and “tawarruq” at the value of KD 290 million (around USD 957 million). The maturity period is three months, with a yield rate of 1.125 percent.
- March 21: CBK announced allocating bonds and “tawarruq” at the value of KD 200 million (around USD 660 million). The maturity period is three months, with a yield rate of 1.375 percent.
- March 28: Kuwait General Administration of Customs announced the signing of an MoU with AD Ports Group to establish a new virtual trade corridor between Kuwait and the UAE.
- March 28: CBK announced allocating bonds and “tawarruq” at the value of KD 240 million (around USD 792 million). The maturity period is six months, with a yield rate of 1.625 percent.
- April 8: Standard and Poor’s’ kept Kuwait’s credit ratings at A+.
- April 11: CBK issued Bonds and related Tawarruq worth KD 240 million (some USD 792 million) payable in six months at return rate of 1.625 percent.
- April 18: CBK issued Bonds and related Tawarruq worth KD 240 million (some USD 792 million) payable in six months return rate of 1.625 percent.
- April 25: CBK issued Bonds and related Tawarruq worth KD 200 million (some USD 660 million) payable in three months return rate of 1.375 percent.
- May 9: CBK issued Bonds and related Tawarruq worth KD 160 million (some USD 528 million) payable in three months return rate of two percent.
- May 10: Arab Planning Institute and Arab Fund for Economic & Social Development (The Arab Fund) signed a grant agreement to launch an educational training program for Kuwaiti entrepreneurs.
- May 16: CBK issued Bonds and related Tawarruq worth KD 100 million (some USD 330 million) payable in one year at return rate of 2.625 percent. The bank also issued similar bonds worth KD 240 million (around USD 792 million) payable in sixth months at a return rate of two percent.
- May 18: The second economic forum began in Kuwait and organized by the Arab Planning Institute focusing on privatization in the GCC region.
- May 23: CBK issued Bonds and related Tawarruq worth KD 240 million (some USD 792 million) payable in three months at return rate of 1.625 percent.
- May 26: Moody’s affirms Kuwait’s A1 rating.
- May 30: CBK issued Bonds and related Tawarruq worth KD 360 million (some USD 1.2 billion) payable in six months at return rate of two percent.
- June 6: CBK issued Bonds and related Tawarruq worth KD 280 million (some USD 924 million) payable in six months at return rate of two percent.
- June 13: CBK issued Bonds and related Tawarruq worth KD 290 million (some USD 957 million) payable in three months at return rate of 1.625 percent.
- June 20: CBK issued Bonds and related Tawarruq worth KD 200 million (some USD 660 million) payable in three months at return rate of 1.875 percent.
- July 4: CBK announced new bonds and related Tawarruq valued at KD 240 million (around USD 792 million). The new securities bear a maturity term of three months and a return rate of 2.250 percent.
- July 16: Standard and Poor’s (S&P) Global Ratings placed Kuwait’s currency sovereign credit ratings at A+, raising the Gulf country’s future outlook from “negative” to “stable.”
- July 25: CBK announced new bonds and related Tawarruq valued at KD 200 million (around USD 660 million). The new securities bear a maturity term of three months and a return rate of 1.875 percent.
- Aug 8: CBK announced new bonds and related Tawarruq valued at KD 160 million (around USD 528 million). The new securities bear a maturity term of three months and a return rate of 2.375 percent.
- Aug 9: Kuwait Capital Markets Authority’s (CMA) became a member of the board of the International Organization for Securities Commissions (IOSCO).
- Aug 21: CMA has become a member of the Global Financial Innovation Network (GIFN), an international network that seeks to support financial innovation for the benefit of consumers, acts as a regulatory tool, and focuses on emerging technology.
- Aug 22: CBK announced new bonds and related Tawarruq valued at KD 240 million (around USD 792 million). The new securities bear a maturity term of three months and a return rate of 2.625 percent.
- Sept 12: CBK announced new bonds and related Tawarruq valued at KD 290 million (around USD 957 million). The new securities bear a maturity term of three months and a return rate of 2.625 percent.
- Sept 19: CBK announced new bonds and related Tawarruq valued at KD 700 million (around USD 2.310 billion).
- Sept 26: CBK announced new bonds and related Tawarruq valued at KD 240 million (around USD million). The new securities bear a maturity term of three months and a return rate of 3.750 percent.
- Oct 10: CBK announced new bonds and related Tawarruq valued at KD 240 million (around USD 792 million). The new securities bear a maturity term of three months and a return rate of 3.750 percent.
- Oct 17: CBK announced new bonds and related Tawarruq valued at KD 240 million (around USD 792 million). The new securities bear a maturity term of three months and a return rate of 3.750 percent
- Oct 24: CBK announced new bonds and related Tawarruq valued at KD 200 million (around USD 660 million). The new securities bear a maturity term of three months and a return rate of 3.75 percent
- Nov 7: CBK announced three new bonds and related Tawarruq valued at KD 350 million (around USD 1.2 billion).
- Nov 14: CBK announced new bonds and related Tawarruq valued at KD 240 million (around USD 792 million). The new securities bear a maturity term of three months and a return rate of 4.250 percent
- Nov 21: CBK announced new bonds and related Tawarruq valued at KD 240 million (around USD 792 million). The new securities bear a maturity term of three months and a return rate of 4.125 percent
- Nov 28: CBK announced new bonds and related Tawarruq valued at KD 240 million (around USD 792 million). The new securities bear a maturity term of three months and a return rate of 4.250 percent
- Dec 5: CBK announced new bonds and related Tawarruq valued at KD 230 million (around USD 759 million). The new securities bear a maturity term of three months and a return rate of percent.
- Dec 8: CBK launched Apple Pay in the local market after the service gained the necessary legal and auditing approval.
- Dec 12: CBK announced new bonds and related Tawarruq valued at KD 240 million (around USD 792 million). The new securities bear a maturity term of three months and a return rate of 4.250 percent. – KUNA