Kuwaiti Minister of Oil Hani Hussein said here Wednesday the world oil market is "fairly stable" in spite of the current global events that could negatively affect oil prices.

Speaking to reporters while launching a new gas booster plant, the minister said the global oil market is "fairly stable" despite international ban on Iranian oil supplies and concerns over workers' strikes in Norway.

Pointing to political and geographical factors that could impact on the oil market, the Kuwaiti minister hoped that global oil prices would be stable in the coming period for the common interest of consumers and producers altogether.

Asked about possible reflections of oil prices on the Kuwaiti state budget in which a barrel is estimated at 65 US dollars, he said the ministries of oil and finance are always keen on precautionary oil price quotation, given that oil prices are always up and down throughout the year. But, he sounded the alarm about surging expenditure over the last years owing to the current oil price drop.

On planned refinery and environmental fuel project, the minister said the project is in the final stage of tendering, noting that the mammoth projects are expected to cost a total of USD 25 billion, and to employ 100,000 workers. For his part, Chairman and Managing Director of Kuwait National Petroleum Company (KNPC) Fahad Al-Ajmi said it is now time for major projects to be carried out.

Speaking to KUNA while attending the gas station launching ceremony, he said: "It is now the best time for executing projects." He said the estimated costs of the new oil refinery and environmental fuel projects hit KD 4 billion and KD 4.6 billion respectively.
Relevant assessments for relevant bids are to be completed by the end of July, he pointed out.

Kuwait Oil Company (KOC) Deputy Chairman and Deputy Managing Director Mazen Al-Sardi said on the same occasion it took three years to launch for the new gas booster station (BS-171) in west Kuwait.

He said the contract of the project is worth KD 162 million, adding that the new gas facility handles 500 million cubic feet of associated gas.

He lauded the project as a major step towards the achievement of the country's all-out strategic development drive.