MoCI Reaches Compromise With SAB Over Solving Licensing Issues
Category: Business
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Informed sources disclosed that Kuwait Petroleum Corporation (KPC) is planning to secure a loan of KD 16 billion to support its capital projects for the next five years, reports Al-Rai daily.

The same sources added the request has been presented to Cabinet by the Economic Committee, adding the projects aim to increase Kuwait’s oil production by 4 million barrels per day while the current production is about 3 million barrels, indicating plan to develop oil exploration to reach 2000 wells in order to achieve the target production rate.

Meanwhile, Central Bank of Kuwait affirmed that study provided by KPC in that regard should be aMinistry of Commerce and Industry has reached a compromise with State Audit Bureau based on the observations of the latter to solve the problems faced by some companies regarding licenses, reports Al-Qabas daily.

According to informed sources, the solution involves amending the law related to licenses for commercial shops. The bureau has given strict instructions to the ministry to stop rectifying the status of companies whose licenses were cancelled in 2000 and after, as this process is in violation of article 11 of law No. 111/2013.

Ministry of Commerce and Industry intends to take a number of procedures in order to avoid the observations raised by the State Audit Bureau. These procedures include issuance of licenses for violating companies based on the former number and name of the company unless the name has been given to another company.

A new number will be added to the system along with the date of issuance of the new license in order to avoid confusion about the validity period of the license. Executive decree of law No. 111/2013 will be amended for adding an item related to renewal of licenses that were expired and were not renewed within the specified grace period as well as increase the fees for such kind of license renewal.

The State Audit Bureau stressed the importance of committing to the current form of law No. 111/2013 until it is amended. Article 11 of law No. 111/2013 stipulates that a license is considered cancelled only in the following cases:-

■ The company has been liquidated or terminated

■ The license owner requests for canceling the license

■ The company has not practiced its business activities for six consecutive months without informing the ministry

■ The license has not been renewed within one year after the date of expiry

■ The license owner presented fake data or forged documents to obtain the license

■ The license owner violated the articles of the executive decree of this law

■ The license owner violated the health-related conditions including selling spoiled or expired food items.

■ The license owner lost the right to work in trading sector in accordance to the relevant law

■ The license owner rented it to another individual. Meanwhile, Undersecretary of the Ministry of Electricity and Water Eng Muhammad Boshehri has confirmed that Kuwait is keen on hosting international conferences about renewable energy and everything related to generating, transmitting and distribution of energy.

Boshehri made the statement in a press conference to announce the 14th GCC-CIGRE International Conference and 23rd Electrical Equipment Exhibition, which will be held at the Regency Hotel in Kuwait from Nov 11-13, 2018 titled “GCC Power 2018 Conference and Exhibition”.

Representatives of GCC countries and several specialized companies, in addition to about 1,200 regional and global personalities specialized in the field of electricity are expected to attend the conference.

Boshehri disclosed CIGRE was established in 1921 and its headquarters is in France, whereas the GCCCIGRE was established under the umbrella of the Gulf Cooperative Council (GCC) in accordance with a recommendation from the GCC ministers of electricity and water during their second meeting held in Kuwait on April 22, 1985 under the patronage of the GCC. CIGRE is a global community committed to collaborative development and sharing of power system expertise.ccurate and integrated in terms of feasibility

 

SOURCE : ARABTIMES

05 Nov, 2018 1 270
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