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OIL AND GAS
Kuwait defence chief says government quit over embezzlement
by Staff Writers
Kuwait City (AFP) Nov 16, 2019

Kuwait's defence minister said Saturday that the government's recent resignation was triggered by the alleged embezzlement of nearly $800 million from a military aid fund.

"It is the main reason for the government's resignation", said Sheikh Nasser Sabah al-Ahmad Al-Sabah, two days after Prime Minister Sheikh Jaber Mubarak Al-Sabah quit along with his cabinet.

In a statement, Sheikh Nasser said that the embezzlement of 240 million Kuwaiti dinars (789 million dollars, 715 million euros) had taken place before his 2017 nomination to head the defence ministry.

He added that he had given to judicial authorities elements of an internal investigation just before the government resigned.

Sheikh Nasser, the eldest son of Kuwait's emir, said that he had requested explanations of the alleged irregularities from the prime minister and the interior minister, to no avail.

He had decided to "boycott government meetings" in protest against the absence of a response to these questions, he said.

In a statement on Thursday, government spokesman Tareq al-Mazrem had said the administration's resignation stemmed from lawmakers' criticism of several ministers for alleged malpractice.

The departure of the premier and his ministers paves the way for the formation of a new cabinet in a country accustomed to disputes between lawmakers and the ruling family-led government.

Hundreds of people joined an anti-corruption protest outside Kuwait's parliament earlier this month.

Oil-rich Kuwait has a fully elected parliament that enjoys wide legislative powers and can vote ministers out of office.


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OIL AND GAS
Climate change looms over giant Saudi energy IPO
Dubai (AFP) Nov 15, 2019
As investors weigh up the value of Saudi energy colossus Aramco ahead of its IPO next month, the global drive to contain climate change and waning demand for fossil fuels are seen as key risks. The world's largest hydrocarbon supplier is set to announce a price range for its shares on Sunday, in a listing dogged by years of delays and false starts partly caused by question marks over how much it is worth. Ironically, the state-owned firm must spur investors' appetite for oil assets even though t ... read more

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