15 May 2007 - 14:58
  • News Code: 104728

Kuwait is in the final stages of drawing up its controversial multi-billion project to develop oilfields in the north of the country, a newspaper on Saturday quoted its oil minister as saying.

The long-planned scheme called Project Kuwait to develop four oilfields with the help of multinational oil companies has met opposition from some parliamentarians. Two years ago, OPEC-member Kuwait estimated the cost of the project at $8.5 billion.

 

The minister has asked investment banks Morgan Stanley and Lazard to review the project, with a view to submitting a revised plan to parliament again sometime this year.

 

PIN/ REUTERS

News Code 104728

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