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Volume 42 Issue 5
KuwAit
Kuwait’s Minister of State
for Cabinet Affairs HE Sheikh
Mohammad Abdullah Al
Mubarak Al Sabah headed the
Kuwaiti delegation to the fifth
meeting of the joint
Kuwaiti-Russian
governmental committee
held on 20-22 April 2016.
HE Alexander Galushka,
Minister for the Development
of Russian Far East, headed
the Russian side. The meeting
aimed at reviewing economic
cooperation between the two
countries especially in energy,
oil, and gas.
The meeting began with sub-
committees meetings, including:
oil, gas, and energy; investment and
financial cooperation; and scientific
and technological cooperation.
The ministerial session was then
held on 22 April 2016. At the
end of the meeting, the two sides
signed the final protocol of the 5th
meeting of the Kuwaiti-Russian
joint governmental committee for
commercial, economic, scientific,
and technological cooperation, as
well as, a scientific cooperation
agreement between Kuwait
Institute for Scientific Research
(KISR) and the Russian Topchiev
Institute of Petrochemical
Synthesis.
HE Al Abdullah said in a
speech during the ministerial
meeting that global oil markets
continued fluctuating due to
many factors represented in
oversupply, world economic
slowdown, unconventional oils
boom, and an unprecedented
record levels of commercial
inventories at consuming
countries. He clarified that these
factors led to a sharp drop in
oil prices and considerable drop
of oil countries’ revenues. That
also led to a drop in the world’s
oil companies’ profits, the
postponement or cancellation of
many petroleum projects, and job
cuttings.
HE Sheikh Mohammed called
upon theRussian side to cooperate
in oil and LNG, and build
strategic partnerships between
national companies in the two
countries to meet domestic and
international demands.
The Minister pointed out that
scientific research cooperation
in energy will contribute
to developing oil reserves,
production, and refining skills.
He stressed that the cooperation
between the two countries is vital
for complementing the role of oil
as a drive of the global economy
and as a main source of energy.
The Russian head of
delegation referred to the
promising cooperation prospects
in energy, oil, gas, and electricity.
He clarified that many Russian
countries would like to operate
in the Kuwaiti market, including
those specialized in infrastructure.
He said that Gazprom has actually
started its operations in Kuwait.
The Russian official also praised
the cooperation between Kuwait
Investment Authority and Russia’s
Direct Investments Fund.
5 TH MEETing oF JoinT kuWaiTi-ruSSian goVErnMEnTal CoMMiTTEE
PromiSing energy CooPerAtion
oPPortunitieS between the two CountrieS