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Economic Affairs

Departments

Economic Affairs Program is competent with proposing and following up the strategic plan and policies related to the development of oil and natural gas industry in the country and specifically the production and pricing policies of crude oil and preparing of the five years plans for oil sector in coordination with the divisions of such sector. The program is working on developing the relations with international Arab and Foreign Organizations, bodies and establishments in the Oil Affairs and its connected matters. It also aims to enhance the international position of Kuwait in the petroleum market and to maintain crude oil as a main source of energy.

Planning and International Public Relations Department:

Planning Department is competent with following up the strategic plan of oil sector in addition to pursuing and executing the working strategy in the regional, Arab and international organizations concerned with energy and following up the environmental policies connected with the economics of oil and energy. It includes the following control divisions:

International Organizations and Relations Control Division:

The competencies of this control division are including but not limited to:

  • Making analysis of policies and developments related to the international issue of energy and environment and assessing its economic effects upon the petroleum policy of Kuwait.
  • Making a study and analysis for the budget and the closing account of Organization of Arab Petroleum Exporting Countries and Oil Petroleum Exporting Countries.
  • Making study for the cooperation relations between Kuwait and other countries in the fields of oil and energy so as to be compatible with Kuwait Petroleum Policy.
  • Preparing the report for oil relations between Kuwait and other countries.

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Strategic Planning Control Division:

The competencies of this control division are including but not limited to:

  • Reviewing the working plan and strategy of the Ministry and how far it is keeping pace with the drawn policies and objectives and reviewing the plans formulated for Kuwait Petroleum Corporation and National Oil Companies.
  • Preparing the work requirements for the general policies of oil and gas and submitting them subsequently to Supreme Petroleum Council for approval and sanction.

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Energy Researches Department:

The duties of this department are including but not limited to preparing the researches related to petroleum economics and other sources of energy, following up its related international offer and demand, analyzing its trends and effects upon oil markets. In addition, studying the relation between oil prices and the cost of other sources of energy, providing the suitable means for rationalizing the consumption, studying the prices of petroleum products as well as other sources of energy in the local market and analyzing its effects upon the national economy.

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Energy Economics Control Division:

The competencies of this control division are including but not limited to:

  • Studying the competitive position of Kuwait crude oil with other main crude materials in the world taking into consideration the expected changes in the modules of the international consumption and supplies of oil and energy.
  • Studying the local position for demand on oil and energy resources, analyzing the factors affecting the same concerning the different trends of demand for the consumers sectors.

Researches Control Division:

The competencies of this control division are including but not limited to:

  • Collecting and classifying the information of energy pertinent to Kuwait and related to offer and demand and preparing its connected reports in cooperation with the concerned bodies.
  • Participating in studying the economic aspects of the manufacturing activities subsequent to the petroleum industries in cooperation with the concerned bodies.
  • Studying the applications for establishing private companies working in activities related to oil or energy.
  • Following up and preparing responses for the questions received in the parliament and related to economic affairs program.
  • Preparing for meetings by Secretariat General Committees at Gulf Cooperation Council.
  • Following up and evaluating the policies for increasing the contribution by the oil sector in the national economy.

Financial Analysis and Auditing Department:

It is competent with preparing the analysis studies for the cost elements of oil sector activity in addition to analyzing the operational, capital and budget balances and closing accounts for the activities of the oil sector. This Department is comprised of the following control divisions:

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Financial Analysis Control Division:

The competencies of this control division are including but not limited to:

  • Evaluating the feasibility studies for the projects proposed by Kuwait Petroleum Corporation, its affiliated companies and Arab Oil Company.
  • Evaluating the financial relation between the State and oil companies operating in the neutral zone and analyzing its related accounts.

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Auditing Control Division:

  • Auditing the accounts of oil companies, reviewing the accounting books and financial statements in order to ascertain the revenues due to the State.
  • Evaluating the financial liabilities accrued from the State contribution in the companies and preparing the reports related thereto.
  • Issuing periodical reports about the expenses of oil companies and comparing them with the certified balances and plans.

Oil Accounts Department:

The Department is competent with applying financial control on the revenues of crude oil and national gas, providing oil revenues estimates to Ministry of Finance for preparation and general budget of the country. This Department includes the following control divisions:

Oil Accounts and Revenues Control Division:

The competencies of this control division are including but not limited to:

  • Preparing the statistic statement for quantities of crude oil and natural gas sold locally and internationally.
  • Ensuring the receipt of financial revenues belongs to the State and related to franchise fees and income tax applicable on Arab Oil Company in addition to receiving the amounts due to the State against the quantities of oil which are resold to Arab Oil Company.
  • Notifying Ministry of Finance and Investment Public Authority about the total revenues collected from oil and natural gas selling operations.

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Pressure Measurement Control Division:

The competencies of this control division are including but not limited to:

  • Ensuring the validity and accuracy of measurement appliances and equipment used for the purpose of obtaining such measurements.
  • Controlling the operations of measuring the increase of crude oil in tanks.
  • Ascertaining oil temperature to be taken from the beneath, middle and top of the tanks and specifying the density and rate of residuals and salts existing in the samples of crude oil.
  • Reviewing all measurement reports related to the quantities of crude oil produced, exported and supplied to refinery laboratories.

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